THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. JOSE THOMAS,

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

1 day of April, 1981, at the option of the assessee; (iii) where the capital asset became the property of the assessee on the distribution of the capital asset of a company on its liquidation and the assessee has been assessed to income tax under the head "Capital gains" in respect of that asset under section

THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. JOSE THOMAS

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

1 day of April, 1981, at the option of the assessee; (iii) where the capital asset became the property of the assessee on the distribution of the capital asset of a company on its liquidation and the assessee has been assessed to income tax under the head "Capital gains" in respect of that asset under section

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

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

1 day of April, 1981, at the option of the assessee; (iii) where the capital asset became the property of the assessee on the distribution of the capital asset of a company on its liquidation and the assessee has been assessed to income tax under the head "Capital gains" in respect of that asset under section

M/S.CARBON AND CHEMICALS (INDIA) LTD vs. THE COMMISSIONER OF INCOMETAX, KOCHI

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

capital receipt and not a business receipt. By virtue of the fiction enacted under Section 41(1) of the 1963 Act, the difficulty created by the decision in British Mexican Petroleum case was overcome. The provision now by a legal fiction makes the amount so received to be treated as profits and gains

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

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

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

capital gains. Chapter VI deals with aggregation of income and set-off or carry forward of loss. Set-off of loss from one source against income from another source under the same head of income. Section 70 reads thus: “(1

M/S. APPOLLO TYRES LTD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

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

1 (2019) 416 ITR 539 (Ker) I.T.A. No. 249/2015 -17- become final between the assessee and the Revenue. The underlined portion excerpted above is liable to be set aside for it treats the capital gain as revenue receipt. From the views taken by this Court, the receipt is treated as capital gain and this is accepted by the Tribunal. However

THE COMMISSIONER OF INCOME TAX-1, KOCHI vs. M/S.COCHIN MALABAR ESTATES & INDUSTRIES LTD.

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

capital gains? b) is not the conclusion of the Tribunal against law and perverse? I.T.A. No.179/2014 -11- 3. Whether, the Tribunal is right in finding that the subject land is admittedly agricultural land"; "the land was used for agricultural purpose", "the assessee used the land for agricultural operation till the date of sale and are not the findings factually wrong

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

THE COMMISSIONER OF INCOME TAX, vs. DHANALAKSHMI BANK LTD., TRICHUR

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

section 36(1). Since the word "place" has not been defined anywhere in the Act, it is very difficult to say what it really means. The appellant and the assessing officer based on their own arguments have attached different meaning to the word "place". The assessing officer has given a wider meaning to the word "place" in equalising to village/panchayat

THE MEENACHIL CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LTD., vs. THE INCOME TAX OFFICER,

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

1] words importing the masculine gender shall be taken to include females; and [2] words in singular shall include the plural, and vice-versa'. In the instant case, there is nothing in the Section to suggest that the definition restricts the applicability of section 80P only to agricultural and rural development banks having its area of operation in a single

THE MEENACHIL CO-OPERATIVE AGRICULTURAL & RURAL DEVELOPMENT BANK LTD. vs. THE INCOME TAX OFFICER

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

1] words importing the masculine gender shall be taken to include females; and [2] words in singular shall include the plural, and vice-versa'. In the instant case, there is nothing in the Section to suggest that the definition restricts the applicability of section 80P only to agricultural and rural development banks having its area of operation in a single

M/S.KOTTAYAM CO-OPERATIVE AGRICULTURAL & RURAL DEVELOPMENT BANK LTD. vs. THE INCOME TAX OFFICER

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

1] words importing the masculine gender shall be taken to include females; and [2] words in singular shall include the plural, and vice-versa'. In the instant case, there is nothing in the Section to suggest that the definition restricts the applicability of section 80P only to agricultural and rural development banks having its area of operation in a single

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

1) Any expenditure (not being expenditure of the nature described in sections 30 to 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

TRAVANCORE SUGARS AND CHEMICALS LTD vs. DEPUTY COMMSSR;INCOME TAX,C-I,THIRUVALLA

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

1 [1996] 221 ITR 117 (Ker.) ITA Nos.11/2008, 12/2008, 279/2010, 282/2010, 292/2010 -9- 'It is also necessary to see the situational peculiarities. If a commercial asset in a given case is not capable of being used as such and then it is let out to others, it has to be understood with reference to the character of the asset

TRAVANCORE SUGARS AND CHEMICALS LTD. vs. COMMISSIONER OF INCOME TAX

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

1 [1996] 221 ITR 117 (Ker.) ITA Nos.11/2008, 12/2008, 279/2010, 282/2010, 292/2010 -9- 'It is also necessary to see the situational peculiarities. If a commercial asset in a given case is not capable of being used as such and then it is let out to others, it has to be understood with reference to the character of the asset

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

1 and 2 refer to the controversy in reopening the assessment and whether the circumstances now stated by the AO come within jurisdiction of AO for reopening the assessment completed under Section 143(3) of the Act. Substantial Question Nos.3 to 5 relate to whether the lease rental received by the assessee for the subject assessment years, constitutes income from

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

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

1 and 2 refer to the controversy in reopening the assessment and whether the circumstances now stated by the AO come within jurisdiction of AO for reopening the assessment completed under Section 143(3) of the Act. Substantial Question Nos.3 to 5 relate to whether the lease rental received by the assessee for the subject assessment years, constitutes income from