Allowed

Commissioner of Income Tax v. Harrisons Malayalam Ltd.

Kerala HC3 Aug 2012ITA/138/2001

Case brief

AI extract

What is this about?

The Kerala High Court allowed an income tax appeal, following a Full Bench decision in Parry Agro Industries Ltd. Vs. CIT. The court dismissed the tribunal's order and restored the assessing authority's decision regarding deductions under Section 32AB of the Income Tax Act, 1961.

What did the court decide?

The appeal was allowed; the Tribunal's order was set aside, and orders of the assessing authority were restored.

Commissioner of Income Tax Vs Harrisons Malayalam Ltd. — Income Tax | Kerala HC (2012)

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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 THOTTATHIL B.RADHAKRISHNAN & THE HONOURABLE MR.JUSTICE K.VINOD CHANDRAN

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FRIDAY, THE 3RD DAY OF AUGUST 2012/12TH SRAVANA 1934

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ITA.No. 138 of 2001 ( )

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ITA.18/COCH/1993 OF INCOME TAX APPELLATE TRIBUNAL, COCHIN BENCH.

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APPELLANT(S):

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THE COMMISSIONER OF INCOME TAX, COCHIN.

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BY SRI.P.K.R.MENON, SENIOR COUNCIL, SC, IT. ADV. SRI.JOSE JOSEPH, SC, IT.

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RESPONDENT(S):

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M/S. HARRISONS MALAYALAM LTD., WELLINGTON ISLAND, COCHIN-3.

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BY SRI.A.K.JAYASANKAR NAMBIAR, SENIOR ADVOCATE. BY ADV. SRI.ANIL D. NAIR.

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THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 03-08-2012, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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ITA.No. 138 of 2001

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APPENDIX

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PETITIONER'S ANNEXURES:-

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ANNEXURE A	COPY OF THE ORDER OF THE ASSESSING OFFICER DATED 31/12/1991.
ANNEXURE B	COPY OF THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS), DATED 23/10/1992.
ANNEXURE C	COPY OF THE ORDER OF THE TRIBUNAL DATED 16/02/2001.

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RESPONDENT'S ANNEXURES:- NIL.

//TRUE COPY//

P.S. TO JUDGE

rs.

THOTTATHIL B. RADHAKRISHNAN

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K.VINOD CHANDRAN, JJ.

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I.T.A.No.138 of 2001

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Dated this the 3^rd day of August, 2012

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JUDGMENT

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Vinod Chandran, J.

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The above appeal is filed by the revenue against the order of the Tribunal for the assessment year 1990-'91 raising the question of deduction under Section 32AB of the Income Tax Act, 1961. The very same issue arose for the assessee in the two previous assessment years which was decided by us in ITA Nos.129/2001 and 98/2002 by judgment dt. 24.7.2012.

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2. Though various questions were raised in the appeal, as in

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the previous year we re-frame the question of law arising from the order of the Tribunal as follows:

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“Whether on the facts and in the circumstances of the case income from other sources, like interest income from investments, re-planting subsidy, sale of old and unyielding trees, etc. could be considered to be “profits of eligible business or profession” entitled to deduction from the total income chargeable to tax under the head “profits and gains of business or profession”; when such income of an assessee is chargeable to tax and can such profits held to be computed in accordance with the requirements of Schedule II of the Companies Act ?”

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ITA.No. 138/01 -2-

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The said question was answered by us following a Full Bench decision of this court where the very same issue was considered. Hence following the said decision reported in Parry Agro Industries Ltd. Vs. CIT [(2006) 285 ITR 440 (Ker) (FB)] we allow this appeal and restore the orders of the assessing authority setting aside the orders of both the appellate authorities.

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THOTTATHIL B. RADHAKRISHNAN, JUDGE.

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K.VINOD CHANDRAN, JUDGE.

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okb.

Commissioner of Income Tax v. Harrisons Malayalam Ltd.

Case brief

What is this about?

What did the court decide?

Commissioner of Income Tax v. Harrisons Malayalam Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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