BHIMA JEWELLERS vs. COMMISSIONER OF INCOME TAX,

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

capital account has been treated as deemed income under Section 68 of the Income Tax Act (for short ‘the Act’). Therefore, it falls under one of the other heads under Section 14 of the Act. Once the deemed income becomes an income earned under one head or the other of Section 14, for the relevant assessment year, there

M/S.APOLLO TYRES LTD. vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

forward contracts in foreign exchange which was inextricably linked to the advancement of foreign currency loans to the Mauritius subsidiary and the loan was an advance for the purpose of the business of the assessee company. The advantage intended to be gained by the assessee was an enhancement of efficiency of tyre manufacturing business by leveraging the sophisticated technology

THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. M/S. APOLLO TYRES LTD

Appeal is allowed in part as indicated

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE VIJU ABRAHAM

gain for adjustment against cost of assets as per section 43A on actual payment restricted to : 4,72,34,591 6 Disallowance of claim of MTM loss on forward contract as deduction : 98,10,765 ITA No.44/2017 -5- 7 Disallowance of claim of prepaid expenses as deduction : 5,15,34,726 2.2 We have heard learned Counsel Mr Christopher Abraham

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

forward, we bear in view the narrative considered by the authorities under the Act in the orders made by them and do not propose to state these circumstances in detail. The revenue categorized the receipt of lease rental as income from other sources, because the assessee was not actually manufacturing the tyres and selling the manufactured tyres in the market

THE COMMISSIONER OF INCOME TAX, vs. PTL ENTERPRISES LIMITED,

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

forward, we bear in view the narrative considered by the authorities under the Act in the orders made by them and do not propose to state these circumstances in detail. The revenue categorized the receipt of lease rental as income from other sources, because the assessee was not actually manufacturing the tyres and selling the manufactured tyres in the market

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

forward, we bear in view the narrative considered by the authorities under the Act in the orders made by them and do not propose to state these circumstances in detail. The revenue categorized the receipt of lease rental as income from other sources, because the assessee was not actually manufacturing the tyres and selling the manufactured tyres in the market