THE COMMISSONER OF INCOME TAX vs. P T L ENTERPRISES LTD.

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

set off brought forward business loss and unabsored depreciation of previous years. The AO processed the return under Section 143(1) on 25.3.2002. The assessment

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

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

setting off the brought forward unabsorbed losses of the preceding assessment years against the current years by computing income of Rs.6,61,75,914/- received from ATL as income from business. On 30.12.1998, the assessment was completed under section 143(3). The assessment was completed by treating the lease rent received from Apollo Tyres Ltd. amounting to Rs.6

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

setting off the brought forward unabsorbed losses of the preceding assessment years against the current years by computing income of Rs.6,61,75,914/- received from ATL as income from business. On 30.12.1998, the assessment was completed under section 143(3). The assessment was completed by treating the lease rent received from Apollo Tyres Ltd. amounting to Rs.6

THE COMMISSIONER OF INCOME TAX vs. PREMIER TYRES LTD.

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

setting off the brought forward unabsorbed losses of the preceding assessment years against the current years by computing income of Rs.6,61,75,914/- received from ATL as income from business. On 30.12.1998, the assessment was completed under section 143(3). The assessment was completed by treating the lease rent received from Apollo Tyres Ltd. amounting to Rs.6

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

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

PTL ENTERPRISES LTD. vs. THE DEPUTY COMMISSIONER OF INCOME-TAX

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

set aside? (ii) Whether on the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in sustaining the disallowance of Rs.49,00,000/- being quality loss incurred by the appellant in respect of products manufactured at appellant's plant for Apollo Tyres Ltd. which were exported by Apollo Tyres Ltd. to Apollo International

M/S.PTL ENTERPRISES LTD. (FORMERLY PREMIER TYRES LTD) vs. THE ASSISTNAT COMMISSIONER OF INCOME TAX, CIRCLE-2(1),RANGE-2, ERNAKULAM

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

set aside? (ii) Whether on the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in sustaining the disallowance of Rs.49,00,000/- being quality loss incurred by the appellant in respect of products manufactured at appellant's plant for Apollo Tyres Ltd. which were exported by Apollo Tyres Ltd. to Apollo International

M/S PTL ENTERPRISES LTD., vs. THE DEPUTY COMMISSIONER OF INCOME-TAX,

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

set aside? (ii) Whether on the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in sustaining the disallowance of Rs.49,00,000/- being quality loss incurred by the appellant in respect of products manufactured at appellant's plant for Apollo Tyres Ltd. which were exported by Apollo Tyres Ltd. to Apollo International

PTL ENTERPRISES LTD. vs. THE DEPUTY COMMISSONER OF INCOME TX

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

set aside? (ii) Whether on the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in sustaining the disallowance of Rs.49,00,000/- being quality loss incurred by the appellant in respect of products manufactured at appellant's plant for Apollo Tyres Ltd. which were exported by Apollo Tyres Ltd. to Apollo International

PTL ENTERPRISES LTD. vs. THE DEPUTY COMMISSIONER OF INCOME TAX

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

set aside? (ii) Whether on the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in sustaining the disallowance of Rs.49,00,000/- being quality loss incurred by the appellant in respect of products manufactured at appellant's plant for Apollo Tyres Ltd. which were exported by Apollo Tyres Ltd. to Apollo International

M/S.PTL ENTERPRISES LTD. vs. THE DEPUTY COMMISSIONER OF INCOME-TAX

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

set aside? (ii) Whether on the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in sustaining the disallowance of Rs.49,00,000/- being quality loss incurred by the appellant in respect of products manufactured at appellant's plant for Apollo Tyres Ltd. which were exported by Apollo Tyres Ltd. to Apollo International

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 and repair charges aggregating to Rs.27,27,505/- relating to the let out properties. Both the parties have pointed out that a similar disallowance made in preceding year was confirmed by the Tribunal in ITA No.426/Coch/2006. By the immediately following the said order of the Tribunal, we set aside the order of Ld CIT(A) on this issue

M/S.ESCAPADE RESORTS PVT.LTD. vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

The appeal is allowed in part as indicated above

Bench: The Commissioner Of Income Tax (Appeals)-Ii (For Short, ‘Cit(Appeals)’) & Through Annexure-C Order Dated 02.12.2013, The Appeal Was Allowed In Part. The Assessee Carried The Matter In Appeal Before The Income Tax Appellate Tribunal (For Short, 'The Tribunal') & Through The Order Impugned In The Appeal

depreciation @15% is granted on it. The resultant disallowance comes to Rs. 2,72,05,544 [3,20,06,522- 48,00,978)” The CIT (Appeals) and the Tribunal confirmed the said finding. 5. Mr. Joseph Markose referring to the principle laid down by this Court in Joy Alukkas India vs. ACIT1, Indus Motos Co. P.Ltd v. Deputy Commissioner

M/S. KUNNEL ENGINEERS AND CONTRACTORS (P) LTD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Appeals are allowed and remanded with the observations as

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

Loss Account or claimed as a deduction in the computation of income? 2) Whether on the facts and in the circumstances of the case there is any evidence or material on record for the Tribunal to substantiate its finding that the service tax payable represents service tax collected by the Appellant? 3) Whether on the facts and in the circumstances