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2015 (8) TMI 279 - KERLA HIGH COURT

2015 (8) TMI 279 - KERLA HIGH COURT - TMI - Accruals of interest and rental income returned as income from other sources as provided under Section 56 - since the subsidiary company was incurring huge losses, the assessee had written off interest and lease charges and claimed its deduction in the assessment year 2008-209 and as AO considered the said claim under Section 57(iii) of the Act and disallowed the deduction - Held that:- The income in question was returned as income from other sources. .....

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ing such income. Evidently, this provision is not attracted in the case in question and, therefore, the Assessing Officer has rightly declined the claims of the assessee.- Decided against assessee.

Entitlement to claim deduction under Section 36(vii) - Held that:- In so far as this claim of the appellant is concerned, first of all, such a contention was not raised before any of the lower authorities. Not only that, as rightly pointed out by the learned Senior Counsel for the Revenue d .....

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AC THOMAS FOR THE RESPONDENT : SRI.JOSE JOSEPH, SC FOR INCOME TAX AND SRI.P.K.R.MENON, SC FOR INCOME TAX JUDGMENT Antony Dominic, J. The assessee has filed this appeal aggrieved by the order passed by the Income Tax Appellate Tribunal, Cochin Bench, in ITA687/13 which was filed by the Revenue. 2. The assessee, is a company which had given certain loans and had leased out its machineries to a subsidiary company. It was entitled to receive interest for the loans and for the machineries leased out .....

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ore the Commissioner was allowed in favour of the assessee. 4. The appellate order was challenged by the Revenue before the Tribunal and the Tribunal restored the order of the Assessing Officer. It is in this background, this appeal has been filed by the assessee and the question of law framed is mainly whether on the facts of the case, the Appellate Tribunal is right in confirming the disallowance of the claim for interest and lease rentals written off. 5. We heard the senior counsel for the ap .....

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