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

2 The Kerala Minerals and Metals Ltd. income, the assessment was completed by the ACIT, Circle -1, Kollam (hereinafter called "the AO") vide order dated 21.12.2010 passed u/s. 143(3) of the Income Tax Act, 1961 (the Act) after making disallowance on account of royalty and addition on account of notional interest and disallowance of cost of replacing Rotary Calciner