JUDGMENT :

R. SUBHASH REDDY, J.

1. Leave granted.

2. These appeals are preferred, by the State-owned Undertaking, Kerala State Beverages Manufacturing and Marketing Corporation Ltd. a company registered under the Companies Act, 1956, engaged in the wholesale and retail trade of beverages, aggrieved by the common judgment and order dated 30.04.2020 passed in I.T.A. No. 135, 146 and 313 of 2019 by the High Court of Kerala at Ernakulam. The Civil Appeal arising out of S.L.P. (C) No. 12859 of 2020 is filed by the assessee and other three appeals are preferred by the revenue.

3. For the assessment year 2014-2015, the Deputy Commissioner of Income Tax, Circle-2(1), Thiruvananthapuram finalised the assessment of income of the appellant under Section 143(3) of the Income-tax Act, 1961 (in short ‘the Act’) vide Assessment Order dated 14.12.2016. The Principal Commissioner of Income Tax, Thiruvananthapuram has exercised power of revision as contemplated under Section 263 of the Act and set aside order of assessment on the ground that same is erroneous and is prejudicial to the interest of the revenue, to the extent it failed to disallow the debits made in the Profit and Loss Account of the asses