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

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

section 260A of the Act. 6. We heard Senior Advocate Joseph Markose instructed by Adv. Sharad Joseph Kodianthara, on behalf of the I.T.A. No.272/13 -:6:- assessee and the Adv. Jose Joseph, learned Standing Counsel for the Department. 7. Appellant had entered into the foreign exchange forward contract with Citi Bank in January 2006. The purpose for which the loan

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

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

260A of the Income Tax Act, 1961 (for short ‘the Act’). 3. The circumstances relevant for considering the substantial questions of law raised by the Revenue are that the I.T.A. No.485/2009 -3- Assessing Officer, on the tax return filed by the assessee for the Assessment Year 1995-96, made the assessment order under Section