Ita/1265/2009 Of The Commissioner Of Income Tax, Cochin v. The Cochin Malabar Estates & Industries

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE V.K.MOHANAN TUESDAY, THE 17TH NOVEMBER 2009 / 26TH KARTHIKA 1931 ITA.No. 1265 of 2009() ---------------------- ITA.268/2003 of I.T.A.TRIBUNAL,COCHIN BENCH .................... 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): --------------- THE COCHIN MALABAR ESTATES & INDUSTRIES LTD.,MALABAR HOUSE,56,BRISTOW ROAD, WILLINGDON ISLAND,COCHIN-682 003. ADV. SRI.A.KUMAR THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 17/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR &V.K.MOHANAN, JJ. ....................................................................I.T. Appeal No.1265 of 2009 ....................................................................Dated this the 17th day of November, 2009. JUDGMENT Ramachandran Nair, J. Heard Senior counsel appearing for the appellant and counselappearing for the respondent-assessee. The appeal is filed against theorder of the Tribunal holding that assessment completed under Section147 is time barred for the reason that notice was not issued underSection 143(2) within the statutory period. However, the Tribunal'sorder stands neutralised by virtue of the amendments introduced toSections 148 and 153(2) of the Finance Act, 2001 with retrospectiveeffect whereunder assessment gets validated, no matter whether therewas timely issue of notice or not. Based on the amendment we allowthe appeal by vacating the order of the Tribunal and that of the firstappellate authority and remand the matter to the C.I.T.(Appeals) for reconsideration of appeal on other issues. The assessee is free tochallenge reopening under Section 147 on other grounds. C.N.RAMACHANDRAN NAIRJudge pms V.K.MOHANANJudge