In Commissioner Of Income Tax v. Manmohan Das[1966 (59) Itr699

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HON'BLE THE CHIEF JUSTICE DR. MANJULA CHELLUR & THE HONOURABLE MR.JUSTICE A.M.SHAFFIQUE TUESDAY, THE 21ST DAY OF JANUARY 2014/1ST MAGHA, 1935 ITA.No. 141 of 2011 ( ) ------------------------ I.T.A. NO.930/COCH/2008 OF INCOME TAX APPELLATE TRIBUNAL,COCHIN BENCH...... APPELLANT/APPELLANT: -------------------------------------- THE COMMISSIONER OF INCOME TAX-I, COCHIN. BY SRI.P.K.R.MENON, SR. COUNSEL, GOI (TAXES). ADV. SRI.JOSE JOSEPH, SC, INCOME TAX. RESPONDENT/RESPONDENT: -------------------------------------------- M/S.AKAY FLAVOURS & AROMATICS (P) LTD., AMBUNAD, MALAIDAMTHURUTHU P.O., KIZHAKKAMBALAM, ALUVA-683 561. BY ADVS. SRI.V.ABRAHAM MARKOS, SRI.MATHEWS K.UTHUPPACHAN, SRI.BINU MATHEW, SRI.TERRY V.JAMES, SRI.B.J.JOHN PRAKASH, SRI.TOM THOMAS (KAKKUZHIYIL). THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 21-01-2014, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs. APPENDIX PETITIONER'S ANNEXURES:- RESPONDENT'S ANNEXURES:-NIL. //TRUE COPY// P.A. TO JUDGE MANJULA CHELLUR, CJ & A.M.SHAFFIQUE, J. * * * * * * * * * * * * * I.T.A.No.141 of 2011 ---------------------------------------- Dated this the 21[st] day of January 2014 J U D G M E N T SHAFFIQUE,J The following questions of law have been raised in theabove Memorandum of Appeal. i)Whether the provisions of Section10B(6)(ii) of the Income Tax Act is applicableto the facts and circumstances of the case? Whether the provisions of Section ii)Whether, on the facts and in thecircumstances of the case a)the assessee is entitled to set offcarried forward unabsorbed depreciation ofearlier years relating to its business incomeexempt under Sec.10B, against income ofthe present year i.e. Asst.Year 2004-05 underthe head “income from Other Sources”. b)is not the Assessing Officer right inholding that such unabsorbed depreciationrelating to exempted income could not beset off against the “income from OtherSources”? Iii)Is not the order of the AccountantMember confirming the order of AssessingOfficer in accordance with law?” 2. This issue had been answered by this Court in I.T.A.No.176/2008 wherein another Division Bench of this Court held that Section 10B(6) of the Income Tax Act has noapplication for the assessment year in question that is 2002-2003 to 2003-2004. This Court therefore directed theAssessing Officer to follow the decision of the Supreme Court in Commissioner of Income Tax v. Manmohan Das[1966 (59) ITR699]. 3.As far as this case, which relates to assessmentyear 2004-2005 is concerned, the assessee is entitled forthe same benefit. In that view of the matter, we are of the I.T.A.No.141/2011 3 view that the questions of law are to be answered againstthe department and accordingly this appeal is dismissed. (sd/-) (MANJULA CHELLUR, CHIEF JUSTICE) (sd/-) (A.M.SHAFFIQUE, JUDGE) jsr 22/01/2014