Ita/111/2008 Of The Commissioner Of Income Tax v. M/S. Kerala State Industrial Development

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT:- THE HONOURABLE THE CHIEF JUSTICE MR.H.L.DATTU & THE HONOURABLE MR. JUSTICE A.K.BASHEER THURSDAY, THE 23RD OCTOBER 2008 / 1ST KARTHIKA 1930 I.T.A.No.111 of 2008 ---------------------------- ORDER DATED 19.10.2004 IN I.TA.NO.292/COCH//2000 OF THE INCOME TAX APPELLATE TRIBUNAL,COCHIN BENCH, COCHIN (ASSESSMENT YEAR 1997-98) .................... APPELLANT/APPELLANT:- ----------------------------------- THE COMMISSIONER OF INCOME TAX, THIRUVANANTHAPURAM. BY ADV. SRI.P.K.RAVINDRANATHA MENON (SR.), STANDING COUNSEL, GOVERNMENT OF INDIA (TAXES), SRI.GEORGE K. GEORGE, SC FOR IT. SRI.JOSE JOSEPH, STANDING COUNSEL FOR INCOME TAX. RESPONDENT/RESPONDENT:- ------------------------------------------- KERALA STATE INDUSTRIAL DEVELOPMENT CORPORATION LIMITED, KESTON ROAD, KOWDIAR, THIRUVANANTHAPURAM. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 23/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: H.L.Dattu,C.J. & A.K.Basheer, J. ------------------------------------------- I.T.A.No.111 of 2008 -------------------------------------------- Dated, this the 23[rd] October, 2008 H.L.Dattu,C.J. JUDGMENT This appeal is directed against the orders passed by the IncomeTax Appellate Tribunal, Cochin Bench, Cochin, in I.T.A.No.292(Coch)/2000dated 19.10.2004, for the assessment year 1997-98. (2) The Revenue has framed the following questions of law for our consideration and decision. They are as under: “1.Whether, on the facts and in the circumstances ofthe case, the assessee is entitled to claim the loss onrevaluation of the investments as a loss in computing itstaxable income? 2.Whether, on the facts and in the circumstances ofthe case, and in the absence of any proof from the assessee asto whether the investment was in the nature of trade investmentor not the assessee is entitled to claim and the Tribunal is rightin allowing the claim for the alleged shortage on loss?” (3) The questions of law framed by the Revenue are no moredebatable in view of the judgment of this Court in I.T.A.No.212 of 2001,dated 4.2.2008, in the assessee's own case, for the assessment year 1993-94. (4) Respectfully following the observations made in theaforesaid decision, the appeal filed by the Revenue requires to be rejected and it is, accordingly, rejected and the questions of law framed by theRevenue are answered against the Revenue and in favour of the assessee. Ordered accordingly. H.L.Dattu Chief Justice vku/- A.K.Basheer Judge