THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. REENA JOSE

Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

gains. The consideration will have to be treated as the individual income of the assessees and assessed accordingly under the appropriate head. We therefore set aside the said findings in the impugned order of the appellate tribunal and remand the matter back to the tribunal to pass a fresh order on this issue in the light of our findings above

THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. JOSE THOMAS,

Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

gains. The consideration will have to be treated as the individual income of the assessees and assessed accordingly under the appropriate head. We therefore set aside the said findings in the impugned order of the appellate tribunal and remand the matter back to the tribunal to pass a fresh order on this issue in the light of our findings above

THE PRINCIPAL COMMISSIONER OF INCOME TAX, vs. GRACY BABU,

Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

gains. The consideration will have to be treated as the individual income of the assessees and assessed accordingly under the appropriate head. We therefore set aside the said findings in the impugned order of the appellate tribunal and remand the matter back to the tribunal to pass a fresh order on this issue in the light of our findings above

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

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

depreciation in the value of foreign currency held by it, on conversion into another currency, such profit or loss are generally treated as profit and loss on revenue account. If, on the other hand, the foreign currency is held as a capital asset or as a fixed asset, such profit or loss would be of a capital nature. I.T.A. No.272/13

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

capital assets of the assessee for deriving the receipt in dispute i.e. lease rental. The Tribunal applied the parametres laid down by the Apex Court in Universal Plast Ltd. No ITA Nos.757/2009 and batch cases 23 exception to the findings of fact recorded by the Tribunal could be pointed out by the revenue. He explains, by inviting our attention

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

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

capital assets of the assessee for deriving the receipt in dispute i.e. lease rental. The Tribunal applied the parametres laid down by the Apex Court in Universal Plast Ltd. No ITA Nos.757/2009 and batch cases 23 exception to the findings of fact recorded by the Tribunal could be pointed out by the revenue. He explains, by inviting our attention

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

capital assets of the assessee for deriving the receipt in dispute i.e. lease rental. The Tribunal applied the parametres laid down by the Apex Court in Universal Plast Ltd. No ITA Nos.757/2009 and batch cases 23 exception to the findings of fact recorded by the Tribunal could be pointed out by the revenue. He explains, by inviting our attention