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

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 and Senior Advocate Mr Joseph Markos for the parties. 3. Substantial Question Nos.1, 1.1, 1.2: “1 Whether the Hon'ble Tribunal, in the facts and circumstances

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

loss would have been carried forward to next year and allowed accordingly. Simply because assessee has not claimed a particular deduction, it cannot be said to be a colourable device as envisaged by the decision of McDowell case. The deduction relates to payment of bonus which has actually been paid in the present year and deduction has been claimed

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

forward, we bear in view the narrative considered by the authorities under the Act in the orders made by them and do not propose to state these circumstances in detail. The revenue categorized the receipt of lease rental as income from other sources, because the assessee was not actually manufacturing the tyres and selling the manufactured tyres in the market

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

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

forward, we bear in view the narrative considered by the authorities under the Act in the orders made by them and do not propose to state these circumstances in detail. The revenue categorized the receipt of lease rental as income from other sources, because the assessee was not actually manufacturing the tyres and selling the manufactured tyres in the market

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

forward, we bear in view the narrative considered by the authorities under the Act in the orders made by them and do not propose to state these circumstances in detail. The revenue categorized the receipt of lease rental as income from other sources, because the assessee was not actually manufacturing the tyres and selling the manufactured tyres in the market

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

depreciation in the value of foreign currency held by it, on conversion into another currency, such profit or loss are generally treated as profit and loss on revenue account. If, on the other hand, the foreign currency is held as a capital asset or as a fixed asset, such profit or loss would be of a capital nature. I.T.A. No.272/13