Dismissed

The Commissioner of Income Tax v. M/S. Kerala State Industrial Development

Kerala HC23 Oct 2008ITA/111/2008

Case brief

AI extract

What is this about?

The High Court of Kerala dismissed an appeal filed by the Commissioner of Income Tax against the Income Tax Appellate Tribunal's order for assessment year 1997-98. The Court followed its own earlier judgment and held that the questions of law framed by the Revenue were decided against it and in favour of the assessee.

What did the court decide?

The appeal was rejected; questions of law framed by the Revenue were answered against the Revenue and in favour of the assessee.

The Commissioner of Income Tax Vs M/S. Kerala State Industrial… — Income Tax | Kerala HC (2008)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT:-

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THE HONOURABLE THE CHIEF JUSTICE MR.H.L.DATTU

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THE HONOURABLE MR. JUSTICE A.K.BASHEER

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THURSDAY, THE 23RD OCTOBER 2008 / 1ST KARTHIKA 1930

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I.T.A.No.111 of 2008

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ORDER DATED 19.10.2004 IN I.TA.NO.292/COCH//2000 OF THE INCOME TAX APPELLATE TRIBUNAL,COCHIN BENCH, COCHIN

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(ASSESSMENT YEAR 1997-98)

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APPELLANT/APPELLANT:-

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THE COMMISSIONER OF INCOME TAX, THIRUVANANTHAPURAM.

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BY ADV. SRI.P.K.RAVINDRANATHA MENON (SR.), STANDING COUNSEL, GOVERNMENT OF INDIA (TAXES),

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SRI.GEORGE K. GEORGE, SC FOR IT. SRI.JOSE JOSEPH, STANDING COUNSEL FOR INCOME TAX.

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RESPONDENT/RESPONDENT:-

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KERALA STATE INDUSTRIAL DEVELOPMENT CORPORATION LIMITED, KESTON ROAD, KOWDIAR, THIRUVANANTHAPURAM.

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THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 23/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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H.L.Dattu,C.J. & A.K.Basheer, J.

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I.T.A.No.111 of 2008

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Dated, this the 23^rd October, 2008

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JUDGMENT

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H.L.Dattu,C.J.

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This appeal is directed against the orders passed by the Income Tax Appellate Tribunal, Cochin Bench, Cochin, in I.T.A.No.292(Coch)/2000 dated 19.10.2004, for the assessment year 1997-98.

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(2) The Revenue has framed the following questions of law

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for our consideration and decision. They are as under:

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“1. Whether, on the facts and in the circumstances of the case, the assessee is entitled to claim the loss on revaluation of the investments as a loss in computing its taxable income?

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2. Whether, on the facts and in the circumstances of the case, and in the absence of any proof from the assessee as to whether the investment was in the nature of trade investment or not the assessee is entitled to claim and the Tribunal is right in allowing the claim for the alleged shortage on loss?”

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(3) The questions of law framed by the Revenue are no more debatable in view of the judgment of this Court in I.T.A.No.212 of 2001,

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dated 4.2.2008, in the assessee's own case, for the assessment year 1993-94.

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(4) Respectfully following the observations made in the aforesaid decision, the appeal filed by the Revenue requires to be rejected

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I.T.A.No.111 of 2008

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and it is, accordingly, rejected and the questions of law framed by the

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Revenue are answered against the Revenue and in favour of the assessee.

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Ordered accordingly.

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H.L.Dattu Chief Justice

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A.K.Basheer Judge

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vku/-

The Commissioner of Income Tax v. M/S. Kerala State Industrial Development

Case brief

What is this about?

What did the court decide?

The Commissioner of Income Tax v. M/S. Kerala State Industrial Development

Case brief

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What did the court decide?

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