THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. JCIT, CIRCLE-1(1), THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital than revenue expenditure is concerned. This first and foremost substantive ground stands rejected. 10. Learned counsel’s next argument in support of the remaining amount of its expenditure incurred on “QIP” issue of shares falls within section 35D(2)(c) of the Act; as the case may be; which has neither been considered in assessment findings

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. JCIT, RANGE-1, THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital than revenue expenditure is concerned. This first and foremost substantive ground stands rejected. 10. Learned counsel’s next argument in support of the remaining amount of its expenditure incurred on “QIP” issue of shares falls within section 35D(2)(c) of the Act; as the case may be; which has neither been considered in assessment findings

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. ACIT, CIRCLE 1(1)& TPS, THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital than revenue expenditure is concerned. This first and foremost substantive ground stands rejected. 10. Learned counsel’s next argument in support of the remaining amount of its expenditure incurred on “QIP” issue of shares falls within section 35D(2)(c) of the Act; as the case may be; which has neither been considered in assessment findings

THE SOUTH INDIAN BANK LIMITED,THRISSUR vs. DCIT, THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital than revenue expenditure is concerned. This first and foremost substantive ground stands rejected. 10. Learned counsel’s next argument in support of the remaining amount of its expenditure incurred on “QIP” issue of shares falls within section 35D(2)(c) of the Act; as the case may be; which has neither been considered in assessment findings

THE SOUTH INDIAN BANK LIMITED ,THRISSUR vs. ACIT, CIRCLE 1(1), THRISSUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

capital than revenue expenditure is concerned. This first and foremost substantive ground stands rejected. 10. Learned counsel’s next argument in support of the remaining amount of its expenditure incurred on “QIP” issue of shares falls within section 35D(2)(c) of the Act; as the case may be; which has neither been considered in assessment findings

M/S.APOLLO TYRES LTD,COCHIN vs. THE PRINCIPAL COMMISSIONER OF INCOMETAX, COCHIN

In the result, the appeal filed by the assessee stands partly allowed for statistical purposes

Bench: Shri Inturi Rama Rao, Am & Shri Rahul Chaudhary, Jm Assessment Year: 2013-14 Apollo Tyres Ltd. .......... Appellant 3Rd Floor, Areekal Mansion, Panampilly Nagar, Kochi 682036 [Pan: Aaaca6990Q] Vs. Dcit, Corporate Circle-1(1), Kochi ......... Respondent Assessee By: Shri Abraham Joseph Markos, Adv. Revenue By: Shri Sanjit Kumar Das, Cit-Dr Date Of Hearing: 20.08.2025 Date Of Pronouncement: 01.09.2025

36(1)(iii) prior to its amendment by the Finance Act, 2003, in relation to money borrowed for purchase of machinery even though the assessee had not used the machinery in the year of borrowing. Decision of the Gujarat High Court in Deputy CIT v Core Health Care Ltd. [2001]251 ITR 61 affirmed on this point. Held also, remanding

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

v. State Bank of Patiala (supra) while dealing with the issue relating to shares held as stock-in-trade. In that case, the assessee had earned exempt income of Rs. 12.20 crores. The AO restricted the disallowance under section 14A to the extent of exempt income i.e. Rs. 12.20 crores. The Commissioner of Income-tax (Appeals) [CIT(A)] disallowed

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

v. State Bank of Patiala (supra) while dealing with the issue relating to shares held as stock-in-trade. In that case, the assessee had earned exempt income of Rs. 12.20 crores. The AO restricted the disallowance under section 14A to the extent of exempt income i.e. Rs. 12.20 crores. The Commissioner of Income-tax (Appeals) [CIT(A)] disallowed

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

v. State Bank of Patiala (supra) while dealing with the issue relating to shares held as stock-in-trade. In that case, the assessee had earned exempt income of Rs. 12.20 crores. The AO restricted the disallowance under section 14A to the extent of exempt income i.e. Rs. 12.20 crores. The Commissioner of Income-tax (Appeals) [CIT(A)] disallowed

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

v. State Bank of Patiala (supra) while dealing with the issue relating to shares held as stock-in-trade. In that case, the assessee had earned exempt income of Rs. 12.20 crores. The AO restricted the disallowance under section 14A to the extent of exempt income i.e. Rs. 12.20 crores. The Commissioner of Income-tax (Appeals) [CIT(A)] disallowed

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

v. State Bank of Patiala (supra) while dealing with the issue relating to shares held as stock-in-trade. In that case, the assessee had earned exempt income of Rs. 12.20 crores. The AO restricted the disallowance under section 14A to the extent of exempt income i.e. Rs. 12.20 crores. The Commissioner of Income-tax (Appeals) [CIT(A)] disallowed

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

v. State Bank of Patiala (supra) while dealing with the issue relating to shares held as stock-in-trade. In that case, the assessee had earned exempt income of Rs. 12.20 crores. The AO restricted the disallowance under section 14A to the extent of exempt income i.e. Rs. 12.20 crores. The Commissioner of Income-tax (Appeals) [CIT(A)] disallowed

K P MUHAMMED ALI,CALICUT vs. ITO ( INTERNATIONAL TAXATION), KOZHIKODE

In the result, the assessee’s appeal is partly allowed for statistical purposes

Bench: Shri Sanjay Arora & Manomohan Dask.P. Muhammed Ali Income Tax Officer K.P. House: 19/1866 (International Taxation) Chalappuram Vs. Kozhikode Calicut 673002 [Pan:Agnpm9397F] (Appellant) (Respondent)

capital gains would be taxable in the year in which such transactions are entered into, even if the transfer of the immovable property is not effective or complete under the general law. Under section 2(47)(v) any transaction involving allowing of possession to be taken over or retained in part performance of a contract of the nature refer

THE DCIT,CEN-CIRCLE,, THRISSUR vs. SRI.T.G. CHANDRAKUMAR, THRISSUR

In the result, the Appeal by the Revenue is allowed on the aforesaid terms

Bench: Shri Sanjay Arora (Accountant Member), Shri Sandeep Gosain (Judicial Member)

capital gain assessed did not include that on 107.63 cents, i.e., the balance out of the total land, admittedly belonging to the assessee, it was clarified by Shri Warrier, the ld. counsel for the assessee, that assessment has been on the basis of the execution of the sale deed/s, being for AY 2009-10 qua this part of land

SRI HARIKUTTAN T,KAYAMKULAM vs. INCOME TAX OFFICER WARD 2, ALLEPPEY

In the result, the appeal filed by the assessee is partly allowed

Bench: Shri Sanjay Arora, Accountantmemberand Shri Manomohan Das, Judicialmember Harikuttan T. The Income Tax Officer (2) 1, Edayilaveetil Tharayil Aayakar Bhavan Njakkanal P.O., Pathiyoor Vs. Alappuzha Co0Llectorate Kayalmulam 690533 Alappuzha 688011 [Pan:Alrpt7536J] (Appellant) (Respondent) Appellant By: Shri M.S. Venkitachalam, Ca Respondent By: Smt. J.M. Jamuna Devi, Sr. D.R. Date Of Hearing:08.08.2023 Date Of Pronouncement:03.11.2023 O R D E R Per Sanjay Arora, Am This Is An Appeal By Assessee Challenging The Confirmation Of Penalty Levied Under Section 270A Of The Income Tax Act, 1961 (The Act) For Assessment Year (Ay) 2017-18 Vide Order Dated 17/02/2022, By The First Appellate Authority, Being The Commissioner Of Income Tax, Nfac [Cit(A)] Vide It’S Order Dated 06.07.2022. 2.1 The Brief Background Facts Of The Case Are That The Assessee, A Retired Defence Personnel, Is A Registered Money Lender Under The Kerala Money Lenders Act (Kml Act), Lending Money On Interest Against Mortgage Of Loan. For The Relevant Year He Returned, Besides Pension, Income From This Business At Rs.2,05,691. On Verification, It Was Found By The Assessing Officer (Ao) That The Assessee Was Maintaining Six Bank Accounts, I.E., Three Each With Two Banks, Being South Indian Bank (Sib) & State Bank Of India (Sbi). Transactions With The Former Were Undisclosed. The Reason Explained Was That The Gold Pawned By His Customers With Him For Availing Loan, Was In Turn Mortgaged With This Bank To Source Funds For Further Lending. These

36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession". Explanation 1.—For the removal of doubts, it is hereby declared

THE KERALA MINERALS AND METALS LIMITED,KOLLAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1, KOLLAM

In the result, the appeal filed by the assessee stands partly allowed

Bench: Shri George George K., Vp & Shri Inturi Rama Rao, Am Assessment Year: 2007-08 The Kerala Minerals & Metals Ltd. .......... Appellant Sankaramangalam, Chavara, Kollam 691583 [Pan: Aaact8118R] Vs. Asst. Commissioner Of Income Tax .......... Respondent Circle - 1, Kollam Appellant By: Shri Rajeev R., Ca Respondent By: Smt. Leena Lal, Sr. D.R. Date Of Hearing: 13.05.2025 Date Of Pronouncement: 16.05.2025

36, but which may still qualify while computing the income chargeable under the head "Profits and gains of business or profession", will be covered by Section 37(1). 26. But, what is important to note is that under both provisions, namely Section 31 as well as Section 37(1), capital expenditure is excluded. If an amount paid on account

THE DCIT, CIRCLE-2(1), THRISSUR vs. SRI.K.P. JOHNY, THRISSUR

In the result, both the assessee’s and the Revenue’s appeals are partly allowed and partly allowed for statistical purposes

Bench: Shri Sanjay Arora & Shri Manomohan Dask.P. Johny Asst. Cit, Manappuram House Circle – 2(1) Hospital Road, Chalakkudy Aayakar Bhavan Vs. Thrissur 680307 Sakthan Thampuran Nagar [Pan:Acgpj4958G] Thrissur 680001 (Appellant) (Respondent) Asst. Cit, K.P. Johny Circle – 2(1) Manappuram House Aayakar Bhavan Hospital Road, Chalakkudy Vs. Sakthan Thampuran Nagar Thrissur 680307 Thrissur 680001 [Pan: Acgpj4958G] (Appellant) (Respondent)

v. B.M. Kharwar [1969] 72ITR603 (SC)).The accounting entries in Manko, crediting VHPL instead of the seller-shareholders, are without any legal or contractual basis. It is not a case of, or could be regarded as one of sale, in lump sum, of it’s assets by the company, i.e., Manko, in which case the capital gain would arise thereto

SRI.K.P. JOHNY,THRISSUR vs. THE DCIT, CIRCLE-2(1), THRISSUR

In the result, both the assessee’s and the Revenue’s appeals are partly allowed and partly allowed for statistical purposes

Bench: Shri Sanjay Arora & Shri Manomohan Dask.P. Johny Asst. Cit, Manappuram House Circle – 2(1) Hospital Road, Chalakkudy Aayakar Bhavan Vs. Thrissur 680307 Sakthan Thampuran Nagar [Pan:Acgpj4958G] Thrissur 680001 (Appellant) (Respondent) Asst. Cit, K.P. Johny Circle – 2(1) Manappuram House Aayakar Bhavan Hospital Road, Chalakkudy Vs. Sakthan Thampuran Nagar Thrissur 680307 Thrissur 680001 [Pan: Acgpj4958G] (Appellant) (Respondent)

v. B.M. Kharwar [1969] 72ITR603 (SC)).The accounting entries in Manko, crediting VHPL instead of the seller-shareholders, are without any legal or contractual basis. It is not a case of, or could be regarded as one of sale, in lump sum, of it’s assets by the company, i.e., Manko, in which case the capital gain would arise thereto

ASSISTANT COMMISSIONER OF INCOME TAX, THRISSUR vs. THE KERALA STATE FINANCIAL ENTERPRISES LIMITED, THRISSUR

In the result, appeal filed by the assessee as well as Revenue stand partly allowed

Bench: Shri Inturi Rama Rao, Accontant Member & Shri Sandeep Singh Karhail

capital expenditure. However, in respect of provision for bad and doubtful debts, the CIT(A) while expressing an agreement with the contention of the appellant that debiting the provision for bad and doubtful debts to profit and loss account and reducing the same from the sundry debtors / advances in the balance sheet constitute “write off”, as held