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IN THE HIGH COURT OF KERALA AT ERNAKULAM
A.MUHAMED MUSTAQUE, HARISANKAR V. MENON, JJ
ASPINWALL AND COMPANY LIMITED – Appellant
Versus
THE COMMISSIONER OF INCOME TAX – Respondent
| Table of Content |
|---|
| 1. facts related to appeal and assessment year. (Para 1 , 2 , 3) |
| 2. arguments regarding provision add-backs. (Para 4 , 5 , 6) |
| 3. court's observation on legal provisions and retrospective effect. (Para 7 , 8 , 9 , 10 , 11) |
| 4. final decision on appeal outcome. (Para 12) |
JUDGMENT
Harisankar V. Menon, J This appeal under Section 260A of the Income Tax Act , 1961 (hereinafter referred to as the ‘Act’ for short), at the instance of the assessee, seeks to challenge the order dated 19.05.2020 in I.T.A.No.61/COCH/2015 of the Income Tax Appellate Tribunal, Cochin Bench with respect to the assessment year 2006-07 relevant to the financial year 2005-06.
2. The appellant-assessee’s return of income was processed under Section 143 (3) of the Act, invoking the provisions of Section 115JB of the Act providing for Minimum Alternate Tax (MAT) computation, thereby adding back: - i. provision for diminution in the value of investment -Rs.1,45,18,200/-
ii. provision for lease rent Rs.61,00,000/-
iii. provision for doubtful debts Rs.36,55,248/-
The appeal against the afore MAT computation before the first appellate authority being unsuccessful, a second appeal was instituted before the Tribuna
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