KINGS INFRA VENTURES LTD,THEVARA vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 1 (2), KOCHI, KOCHI
In the result, the appeal by the assessee is dismissed
ITA 25/COCH/2017[2011-2012]Status: DisposedITAT Cochin24 Apr 2023AY 2011-2012
Bench: Shri Sanjay Arora & Shri Sandeep Gosainkings Infra Ventures Ltd. Asstt. Commissioner Of A-1, 1St Floor, Atria Apartment Income Tax, Opp. Gurudwara Temple Vs. Circle - 1(2) Perumanur Road Kochi Thevara, Kochi [Pan:Aaccv3411D] (Respondent) (Appellant) Appellant By: Shri Joseph Markose, Sr. Advocate Respondent By: Smt. J.M. Jamuna Devi, Sr. D.R.
For Appellant: Shri Joseph Markose, Sr. AdvocateFor Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Section 139(1)Section 143(3)
196
(Ker);S.P.V. Bank Ltd. v. CIT [1980]126 ITR 773 (Ker); and International Marketing
Ltd. v. ITO [2007] 292 ITR 504 (Del), he held that it is only where a business is in existence that it’s profits and gains, allowing expenditure incurred for it’s purposes, could be computed. Income, accordingly, was assessed
