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.

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. REENA JOSE

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

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.

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

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

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

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 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) xxxxx (2

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

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

2 (2009) 312 ITR 254 (SC) I.T.A. No. 249/2015 -20- recorded that the Woodward Governor India P. Ltd case deals with revenue loss and the situation in the case on hand deals with capital assets. The result of the brief discussion of the Assessing Officer is that: “unrealised foreign exchange gain of Rs.1,63,97,541/- is disallowed and added

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

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 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

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

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

2) is answered in favour of the assessee and against the Department.” The conclusion recorded by the Tribunal is in line with the principles laid down by various High Courts and this Court in I.T.R. No.68/2000. Hence, substantial question no.2 is answered in favour of the assessee and against the Revenue. Substantial Question No.3 3. Whether the Hon'ble ITAT

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

2)(A) of the Income Tax Act of 1922. In the decision in British Mexican Petroleum Co. Ltd. v. Jackson (1932) 16 TC 570 (HL), it was held that once a loss or expenditure is allowed as a deduction or as a trading liability, recoupment of the loss or expenditure or remission of the trading liability would be a capital

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

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

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

2. The assessee is a company engaged in manufacture and sale of automobile tyres and tubes. For the I.T.A. No.272/13 -:3:- assessment year 2006-07, the assessing officer computed the total income of the asessee at Rs.66,15,44,477/-. While computing the total income of the assessee, an amount of Rs.5,09,01,000/- claimed as a deduction

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