Ita/1064/2009 Of The Commissioner Of Income Tax, Cochin v. Chakolas Spinning And Weaving Mills Ltd

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE V.K.MOHANAN MONDAY, THE 16TH NOVEMBER 2009 / 25TH KARTHIKA 1931 ITA.No. 1064 of 2009() ---------------------- ITA.1282/COCH/2004 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/APPELLANT ----------------------------------- THE COMMISSIONER OF INCOME TAX, COCHIN BY ADV. SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT(S): --------------- CHAKOLAS SPINNING AND WEAVING MILLS LTD KALAMASSERRY. BY ADV. SRI.JOSEPH KODIANTHARA & SRI.TERRY V.JAMES THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 16/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N. RAMACHANDRAN NAIR &V.K.MOHANAN, JJ. ---------------------------------------- I.T.A. No.1064 OF 2009 ---------------------------------------- Dated, the 16[th] November, 2009 JUDGMENT Ramachandran Nair, J. The question raised is whether the Tribunal wasjustified in holding that the income escapedassessment is time barred. We notice that the purposeof reopening was to bring to tax irregular claim ofexemption allowed under section 54D of the I.T.Act inthe computation of capital gains. It is seen from theTribunal's order that original proposal was made torectify the assessment under section 154 of the Act.Even though the assessee objected, the AssessingOfficer waited for another three years to issue noticeunder section 148. Obviously, the officer allowed thematter to get time barred to pass order under section147. We do not know under what circumstance this ITA 1064/09. happened. In any case it is seen from the Tribunal's orderthat the assessee has declared the details required in thecomputation of capital gains and, therefore, no reopeningof the issue can be made under section 147 for therelevant assessment years after four years. Consequently,the appeal is dismissed. C.N.RAMACHANDRAN NAIR JUDGE V.K.MOHANAN, JUDGE kvm/- ITA 1064/09. -:3:- V.K.MOHANAN, J. O.P.No. JUDGMENT Dated:..