Allowed

The Commr. of Income Tax, Cochin v. M/S.Sea Pearl Industries, Alleppey

Kerala HC31 Jan 2008ITA/76/2001

Case brief

AI extract

What is this about?

The Revenue appealed the Tribunal's order holding that recomputation of export profit under Section 80HHC was invalid under Section 143(1)(a). The Court held the Officer's recomputation correct as the assessee failed to exclude 90% of specific receipts per the Section.

What did the court decide?

Appeal allowed, order of the Tribunal reversed, assessment restored.

The Commr. of Income Tax, Cochin Vs M/S.Sea Pearl Industries… — 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 MR. JUSTICE C.N.RAMACHANDRAN NAIR &

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THE HONOURABLE MR. JUSTICE T.R.RAMACHANDRAN NAIR

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THURSDAY, THE 31ST JANUARY 2008 / 11TH MAGHA 1929

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ITA.No. 76 of 2001()

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-------------------ITA.186/COCH/1994 of I.T.A.TRIBUNAL,COCHIN BENCH,COCHIN ....................

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APPELLANT:APPELLANT:

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THE COMMISSIONER OF INCOME TAX, COCHIN

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BY ADV. SRI.P.K.R.MENON(SR.),SC FOR IT SRI.GEORGE K. GEORGE, SC FOR IT

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RESPONDENT: RESPONDENT

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M/S. SEA PEARL INDUSTRIES, CHANDIROOR, ALLEPPEY.

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BY ADV. SRI.C.KOCHUNNY NAIR

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SRI.DALE P.KURIEN

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THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 31/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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C .N. RAMACHANDRAN NAIR & T.R. RAMACHANDRAN NAIR, JJ.

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I.T.A. No. 76 OF 2001

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Dated this the 31st day of January, 2008

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JUDGMENT

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C.N. Ramachandran Nair,J.

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In the appeal filed by the Revenue, the question raised is whether the Tribunal was justified in holding that recomputation of export profit by the Officer in variation with the computation made by the assessee is not justified under Section 143(1)(a) of the I.T. Act. We have heard standing counsel appearing for the appellant and counsel appearing for the respondent. It is seen that the assessee had committed a mistake in the computation of export profit under Section 80HHC in as much as exclusion of 90% of the items of receipts forming part of profit and gains of business was not done in accordance with the provision. All what the Officer has done is to recompute the same strictly in accordance with the formula provided under the Section. We do not think there is any debatable issue in the computation of export profit in accordance with the formula provided

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therein. The assessee has no case that recomputation by the officer was not in accordance with statute. In the circumstances, appeal is allowed reversing the order of the Tribunal and restoring the

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assessment.

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(C.N.RAMACHANDRAN NAIR) Judge.

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(T.R.RAMACHANDRAN NAIR)

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Judge.

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The Commr. of Income Tax, Cochin v. M/S.Sea Pearl Industries, Alleppey

Case brief

What is this about?

What did the court decide?

The Commr. of Income Tax, Cochin v. M/S.Sea Pearl Industries, Alleppey

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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