THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. JOSE THOMAS

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

section 55(2) to provide that the cost of acquisition of, inter alia, a tenancy right. would be taken as nil. By this amendment, the judicial interpretation put on capital assets for the purposes of the provisions relating to capital gains was met. In other words, the cost of acquisition would be taken as determinable but the rate would

THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. JOSE THOMAS,

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

section 55(2) to provide that the cost of acquisition of, inter alia, a tenancy right. would be taken as nil. By this amendment, the judicial interpretation put on capital assets for the purposes of the provisions relating to capital gains was met. In other words, the cost of acquisition would be taken as determinable but the rate would

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

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

section 55(2) to provide that the cost of acquisition of, inter alia, a tenancy right. would be taken as nil. By this amendment, the judicial interpretation put on capital assets for the purposes of the provisions relating to capital gains was met. In other words, the cost of acquisition would be taken as determinable but the rate would

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 includable in the total income

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

capital loss had been claimed as business loss. Hence, the reliance of the assessee on the order of the ITAT for A.Y. 2002-03 in totally misplaced as the facts were totally different in A.Y.2002-03. 11.4 The investment was made by the assessee in a separate juridical corporate entity. The transaction between the two distinct, separate legal entities are subject

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

13(2): Gender and number – In all Central Acts and Regulations, unless there is anything repugnant in the subject or context.- [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

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

13(2): Gender and number – In all Central Acts and Regulations, unless there is anything repugnant in the subject or context.- [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

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

13(2): Gender and number – In all Central Acts and Regulations, unless there is anything repugnant in the subject or context.- [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

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

13 are various incomes that are I.T.A. No.216/2013 -14- treated as not forming part of the income of the assessee. Chapter IV deals with the computation of total income. Section 14 deals with heads of income. Sections 45 to 55 deal with computation of capital gains. Chapter VI deals with aggregation of income and set-off or carry forward

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, 2003 the assessee would be entitled to adjust the actual cost of the imported capital assets, acquired in foreign currency, on account of fluctuation in the rate of exchange at each of the relevant balance-sheet dates pending actual payment of the varied liability.” (emphasis supplied) I.T.A. No. 249/2015 -24- 12.1 He contends that the assessee at the first

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 is per se illegal. He relies on the judgments reported in Ms Srinivasa Naicker v. Income Tax Officer6; and Principal Commissioner of Income Tax 4, Chennai v. M/s. Mansi Finance Chennai Ltd7 for the proposition that the judgment relied on by the Revenue is considered by the Madras High Court and it has been finally held that

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

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 of business or profession”. [Explanation 1.- For the removal of doubts

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

capital, moved an application under Sec.15 of the Sick Industries (Special ITA Nos.757/2009 and batch cases 13 Provisions) Act 1985 (for short 'Act 1985') before the Board for Industrial and Financial Reconstruction (BIFR) for framing scheme under Act 1985. The application moved by the assessee was registered as Case No.023/91 (39/87). For disposal of appeals it is sufficient to note

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

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

capital, moved an application under Sec.15 of the Sick Industries (Special ITA Nos.757/2009 and batch cases 13 Provisions) Act 1985 (for short 'Act 1985') before the Board for Industrial and Financial Reconstruction (BIFR) for framing scheme under Act 1985. The application moved by the assessee was registered as Case No.023/91 (39/87). For disposal of appeals it is sufficient to note

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

capital, moved an application under Sec.15 of the Sick Industries (Special ITA Nos.757/2009 and batch cases 13 Provisions) Act 1985 (for short 'Act 1985') before the Board for Industrial and Financial Reconstruction (BIFR) for framing scheme under Act 1985. The application moved by the assessee was registered as Case No.023/91 (39/87). For disposal of appeals it is sufficient to note