TaxTMI 
TaxTMI 
2014 (4) TMI 674
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....nt : Sri P. K. Ravindranatha Menon, Sr SC, Sri Jose Joseph, SC JUDGMENT The issue involved in both these cases is almost common, in so far as the question of law is concerned. The petitioner is doing the business of wholesale and retail trading of Indian Made Foreign Liquor ('IMFL')and Beer within the State of Kerala. The dispute involved in W.P.(C). No. 5405/2014 is in respect of the as....
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.... the same, Ext.P1 assessment order was passed declining the claim, holding that the deduction was impermissible under the statute and it was accordingly, that a total liability of 221,43,29,270/- was mulcted upon the shoulders of the petitioner; followed by demand notice. This in turn was challenged by filing Ext.P2 appeal along with Ext.P3 petition for stay, which are pending consideration before....
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....ndranatha Menon, learned Senior Counsel appearing for the respondents at length. 5. The learned counsel for the petitioner submits that the proceedings finalized by the concerned authorities are per se wrong and illegal in all respects and that, the 'Surcharge' paid by the petitioner under the relevant provisions of Kerala Surcharge on Taxes Act, 1957 and the 'Turn over Tax' satis....
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....offered for assessment and that the deduction sought to be made by the petitioners is not sustainable, in view of the law already declared by a Full Bench of this Court as per the decision in A.V. Thomas & Co. Ltd. V. Commissioner of Income Tax (159 ITR 431). It is also brought to the notice of this Court that the principle to be followed in such circumstance based on the binding judicial preceden....