THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. JOSE THOMAS

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

4. Assessments were completed under Section 143(3) read with Section 153A for the assessment years 2003-04 to 2008-09 and I.T.A.Noa.48, 46, 47, 49, 51, 54, 55, 56 & 68/20 & 6/21 :: 16 :: under Section 143(3) for the assessment year 2009-10 in relation to the persons who were searched, namely, Gracy Babu, Jose Thomas and P.J. Paulose

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.

4. Assessments were completed under Section 143(3) read with Section 153A for the assessment years 2003-04 to 2008-09 and I.T.A.Noa.48, 46, 47, 49, 51, 54, 55, 56 & 68/20 & 6/21 :: 16 :: under Section 143(3) for the assessment year 2009-10 in relation to the persons who were searched, namely, Gracy Babu, Jose Thomas and P.J. Paulose

THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. REENA JOSE

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

4. Assessments were completed under Section 143(3) read with Section 153A for the assessment years 2003-04 to 2008-09 and I.T.A.Noa.48, 46, 47, 49, 51, 54, 55, 56 & 68/20 & 6/21 :: 16 :: under Section 143(3) for the assessment year 2009-10 in relation to the persons who were searched, namely, Gracy Babu, Jose Thomas and P.J. Paulose

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

4. Substantial question no.2 deals with the claim of the assessee in setting off long term capital loss on sale of shares and units of mutual funds against the long term capital gain earned on the sale of land. The question presents the application of Section

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

4) The Allahabad High Court in Lakshmi Narain Sharma vs. District Board, Gazipur reported in AIR 1956 All 433 dealt with similar provision dealing with powers of the prescribed authority to make bye-laws for "a Gaon Panchayat under section 111 of the UP Panchayat Raj Act and the High Court held that in the context the words 'a Gaon

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

4) The Allahabad High Court in Lakshmi Narain Sharma vs. District Board, Gazipur reported in AIR 1956 All 433 dealt with similar provision dealing with powers of the prescribed authority to make bye-laws for "a Gaon Panchayat under section 111 of the UP Panchayat Raj Act and the High Court held that in the context the words 'a Gaon

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

4) The Allahabad High Court in Lakshmi Narain Sharma vs. District Board, Gazipur reported in AIR 1956 All 433 dealt with similar provision dealing with powers of the prescribed authority to make bye-laws for "a Gaon Panchayat under section 111 of the UP Panchayat Raj Act and the High Court held that in the context the words 'a Gaon

A.T.SHERIFF vs. COMMISSIONER OF INCOME TAX

The appeal is allowed

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

gains under section 45 of the Act arises only when there is a transfer of a capital asset effected in the previous year. The word 'transfer' is defined in section 2(47) of the Act as encompassing six different types of transactions. The relevant transaction for the present case referred to in the said definition provision is the fifth clause

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

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

4. The learned Counsel appearing for the assessee and the Revenue would state that the questions covered by (a) and (b) are similar to the questions raised by the assessee for the Assessment Year 2003-04 in ITA No.26/2013. This Court vide order dated 29.07.2021 has answered the said questions against the assessee and in favour of the Revenue

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

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.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

4 (1961) 42 ITR 49 5 (1962) 44 ITR 362 6 (1967) 66 ITR 596 ITA Nos.11/2008, 12/2008, 279/2010, 282/2010, 292/2010 -16- KSBC, the rental income earned from such activity be reckoned as income from the business. According to him, the said argument is without merit. That, the mere fact the assessee derives operational advantage is not the criteria

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

4 (1961) 42 ITR 49 5 (1962) 44 ITR 362 6 (1967) 66 ITR 596 ITA Nos.11/2008, 12/2008, 279/2010, 282/2010, 292/2010 -16- KSBC, the rental income earned from such activity be reckoned as income from the business. According to him, the said argument is without merit. That, the mere fact the assessee derives operational advantage is not the criteria

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

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

capital gain, the entire TAX claim of Rs.30 lakhs, cannot be allowed in an order purported to be a rectification order on the ground that it made a mistake in the earlier order assuming wrongly that it has the power to restrict the allowance to a reasonable extent. In this way I am of opinion that such debatable issue cannot

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

4. According to the assessee, the acquisition of Dunlop Tyre of South Africa enabled the parent company i.e; the assessee, to run its business more efficiently and effectively. The established distribution network of Dunlop, the advantages of acquiring the know-how of ultra-high-performance radial car tyres and easier access to raw materials at reduced costs were I.T.A. No.272/13

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