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.

22 :: subsequent decisions of the High Court that the Finance Act, 1994, amended 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

THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. REENA JOSE

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

22 :: subsequent decisions of the High Court that the Finance Act, 1994, amended 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

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

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

22 :: subsequent decisions of the High Court that the Finance Act, 1994, amended 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

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.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

capital gains on the purchase of a residential house'. This has come up for interpretation in many cases as indicated below: • Vittal Krishna Conjeevaram vs. ITO (2013) 144 ITD 325 (Hyd) . ITA Nos.34 & 35 of 2018 & 25 & 27 of 2019 10 • CIT and Anor. Vs. D Ananda Basappa (2009) ITR 329 (Kar) • CIT vs. Smt. KG Rukumini Amma

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

capital gains on the purchase of a residential house'. This has come up for interpretation in many cases as indicated below: • Vittal Krishna Conjeevaram vs. ITO (2013) 144 ITD 325 (Hyd) . ITA Nos.34 & 35 of 2018 & 25 & 27 of 2019 10 • CIT and Anor. Vs. D Ananda Basappa (2009) ITR 329 (Kar) • CIT vs. Smt. KG Rukumini Amma

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

capital gains on the purchase of a residential house'. This has come up for interpretation in many cases as indicated below: • Vittal Krishna Conjeevaram vs. ITO (2013) 144 ITD 325 (Hyd) . ITA Nos.34 & 35 of 2018 & 25 & 27 of 2019 10 • CIT and Anor. Vs. D Ananda Basappa (2009) ITR 329 (Kar) • CIT vs. Smt. KG Rukumini Amma

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

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

Section 6, the fact that it may indirectly be covered by another head will not make the income taxable under the latter head. Referring to Commercial Properties Ltd. v Commissioner of Income Tax9, it is also held that merely because the owner of the property was a company incorporated with the object of owning property, the incidence of income derived

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

Section 6, the fact that it may indirectly be covered by another head will not make the income taxable under the latter head. Referring to Commercial Properties Ltd. v Commissioner of Income Tax9, it is also held that merely because the owner of the property was a company incorporated with the object of owning property, the incidence of income derived

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

gains of business/profession of the assessee. The acceptance of case of assessee would facilitate deductions under Sections 28 to 44 of the Act irrespective of doing business. He prays for answering substantial question Nos. 3 to 5 in favour of revenue and against the assessee. 10. Senior Adv.Mr.Joseph Markose argues that the assessee moved BIFR in 1987 and the case

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

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

gains of business/profession of the assessee. The acceptance of case of assessee would facilitate deductions under Sections 28 to 44 of the Act irrespective of doing business. He prays for answering substantial question Nos. 3 to 5 in favour of revenue and against the assessee. 10. Senior Adv.Mr.Joseph Markose argues that the assessee moved BIFR in 1987 and the case

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

gains of business/profession of the assessee. The acceptance of case of assessee would facilitate deductions under Sections 28 to 44 of the Act irrespective of doing business. He prays for answering substantial question Nos. 3 to 5 in favour of revenue and against the assessee. 10. Senior Adv.Mr.Joseph Markose argues that the assessee moved BIFR in 1987 and the case