THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. JOSE THOMAS

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

Capital gains; (F) income from other sources unless otherwise, provided in the Act. (15) Section 56 provides for the chargeability of income of every kind which has not to be excluded from the total income under the Act, only if it is not chargeable to income-tax under any of the heads specified in section 14

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.

Capital gains; (F) income from other sources unless otherwise, provided in the Act. (15) Section 56 provides for the chargeability of income of every kind which has not to be excluded from the total income under the Act, only if it is not chargeable to income-tax under any of the heads specified in section 14

THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. REENA JOSE

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

Capital gains; (F) income from other sources unless otherwise, provided in the Act. (15) Section 56 provides for the chargeability of income of every kind which has not to be excluded from the total income under the Act, only if it is not chargeable to income-tax under any of the heads specified in section 14

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

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

Section 14 classifies income under five heads, namely (i) salaries, (ii) income from house property, (iii) income from business profession (iv) income from capital gains

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 tax on the sale consideration received from the sale of schedule property from KSIDC is attracted and that schedule property is not agricultural land for the purpose of Section 2(14

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

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

gain with Foreign Exchange implication on capital account. He refers to the following paragraphs in ONGC case to argue that the reported decisions of the Supreme Court deal with both, capital loss and revenue loss, on account of foreign exchange fluctuation and that adjustment in actual cost is made on actual payment. The paragraphs relied on are: “14

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

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

14. In response, CA, Abraham K Thomas, authorised representative of the assesssee, has contended as follows: ``The amendment made to section 80P by insertion of sub-section (4) w.e.f. 01-04-2007 does not take away the applicability of the section to agricultural and rural development bank having its area of operation in more than one taluks. While the amendment

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

14. In response, CA, Abraham K Thomas, authorised representative of the assesssee, has contended as follows: ``The amendment made to section 80P by insertion of sub-section (4) w.e.f. 01-04-2007 does not take away the applicability of the section to agricultural and rural development bank having its area of operation in more than one taluks. While the amendment

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

14. In response, CA, Abraham K Thomas, authorised representative of the assesssee, has contended as follows: ``The amendment made to section 80P by insertion of sub-section (4) w.e.f. 01-04-2007 does not take away the applicability of the section to agricultural and rural development bank having its area of operation in more than one taluks. While the amendment

JIK GEORGE vs. THE INCOME TAX OFFICER, WARD-2

Appeal is dismissed

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

capital gains as the property sold was the agricultural land situated beyond the limit prescribed in Panchayath.” 5. The counsel appearing for parties invite the attention of this Court to the unreported judgment dated 11.12.2017 in I.T.A No.251 of 2015 which has considered a question arising under Section 2(14

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

capital leading to profits of business, which profits may be either enjoyed or put back into the business to acquire more properties for further profitable exploitation." ITA Nos.11/2008, 12/2008, 279/2010, 282/2010, 292/2010 -25- 8.4 Next decision on the point is Sultan Brothers Pvt. Ltd. The assessee, a limited company, being the plot owner, developed it into a building fitted with

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

capital leading to profits of business, which profits may be either enjoyed or put back into the business to acquire more properties for further profitable exploitation." ITA Nos.11/2008, 12/2008, 279/2010, 282/2010, 292/2010 -25- 8.4 Next decision on the point is Sultan Brothers Pvt. Ltd. The assessee, a limited company, being the plot owner, developed it into a building fitted with

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 COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

14 deals with the heads of income and income derived by the ITA Nos.757/2009 and batch cases 21 assessee is profit and gain of business or profession of the assessee. The permissible deductions or expenses available while computation of income from the business are covered by Sections 28 to 44 of the Act. Without doing business or any activity, passive

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

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

14 deals with the heads of income and income derived by the ITA Nos.757/2009 and batch cases 21 assessee is profit and gain of business or profession of the assessee. The permissible deductions or expenses available while computation of income from the business are covered by Sections 28 to 44 of the Act. Without doing business or any activity, passive

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

14 deals with the heads of income and income derived by the ITA Nos.757/2009 and batch cases 21 assessee is profit and gain of business or profession of the assessee. The permissible deductions or expenses available while computation of income from the business are covered by Sections 28 to 44 of the Act. Without doing business or any activity, passive