THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. REENA JOSE

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

iii) where the capital asset became the property of the assessee on the distribution of the capital asset of a company on its liquidation and the assessee has been assessed to income tax under the head "Capital gains" in respect of that asset under section 46, means the fair market value of the asset on the date of distribution

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

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

iii) where the capital asset became the property of the assessee on the distribution of the capital asset of a company on its liquidation and the assessee has been assessed to income tax under the head "Capital gains" in respect of that asset under section 46, means the fair market value of the asset on the date of distribution

THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. JOSE THOMAS,

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

iii) where the capital asset became the property of the assessee on the distribution of the capital asset of a company on its liquidation and the assessee has been assessed to income tax under the head "Capital gains" in respect of that asset under section 46, means the fair market value of the asset on the date of distribution

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.CARBON AND CHEMICALS (INDIA) LTD vs. THE COMMISSIONER OF INCOMETAX, KOCHI

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

6:- 8. Learned Senior Counsel for the department, on the other hand, submitted that the amount contemplated under Section 41(1) (a) is inclusive of the tax since income tax is always levied on the amount received without deducting the tax. He further submitted that Section 41(1) is a deeming provision, which makes the amount, as contemplated under

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

6. Mr Christopher Abraham, learned Standing Counsel for the Department, contends that computation of the total income is dealt with by Section 14 of the Act and 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, and (v) income from other sources. Each

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

Section 2(14) of the Act, could be said as non-agricultural land. The following three tests are important (i) to ascertain the true character or nature of the land, (ii) whether it has been put to use for agricultural purposes for a reasonable span of time prior to the relevant date; (iii) whether on the relevant date the land

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

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

6. The AO through re-assessment order in Annexure-A dated 28.3.2002 treated the receipt from ATL as income from other sources, finally added the said income to the gross income of the assessee and refused the allowances/expenditure claimed by the assessee. The AO demanded Rs.2,99,20,093/- together with interest from the assessee. The assessee aggrieved by order

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

6. The AO through re-assessment order in Annexure-A dated 28.3.2002 treated the receipt from ATL as income from other sources, finally added the said income to the gross income of the assessee and refused the allowances/expenditure claimed by the assessee. The AO demanded Rs.2,99,20,093/- together with interest from the assessee. The assessee aggrieved by order

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

6. The AO through re-assessment order in Annexure-A dated 28.3.2002 treated the receipt from ATL as income from other sources, finally added the said income to the gross income of the assessee and refused the allowances/expenditure claimed by the assessee. The AO demanded Rs.2,99,20,093/- together with interest from the assessee. The assessee aggrieved by order