APOLLO TYRES LIMITED Vs. COMMISSIONER OF INCOME TAX KOCHI
SUPREME COURT OF INDIA (FROM: KERALA)
APOLLO TYRES,COMMISSIONER OF INCOME TAX,ERNAKULAM
COMMISSIONER OF INCOME TAX,KOCHI,APOLLO TYRES LIMITED
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Santosh Hegde, J. -
(1.)These appeals arise out of a common judgment delivered by a Division Bench of the Kerala High Court in ITR Nos. 70/1994 and 43/1997.
(2.)Civil Appeal No. 6100/1998 is preferred by the assessee company and Civil Appeal Nos. 2518-19/1999 are preferred by C.I.T., Ernakulam.
(3.)Though a number of questions came up for consideration before the High Court, in these appeals based on the arguments addressed before us, we are mainly concerned with the following three questions:
(i)Can an Assessing Officer while assessing a company for income tax under Section 115-J of the Income Tax Act question the correctness of the profit and loss account prepared by the assessee company and certified by the statutory auditors of the company as having been prepared in accordance with the requirements of Parts II and III of Schedule VI to the Companies Act (ii) Whether the dividend income earned by the assessee company from its investment made in the units of Unit Trust of India, can be included in computing the profit of the eligible business under Section 32AB of the Income Tax Act
(iii) Whether the business of buying and selling of units of Unit Trust of India by the assessee company amounts to a speculation business or not, for the purpose of allowing set off as to the loss suffered by the company in such a business
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