Ita/346/2010 Of Commissioner Of Income Tax, Kottayam v. M/S.sea Pearl Enterprises, Chandiroor

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE K.SURENDRA MOHAN MONDAY, THE 21ST FEBRUARY 2011 / 2ND PHALGUNA 1932 ITA.No. 346 of 2010() ----------------- ITA.924/COCH/2008 OF INCOME TAX APPELLATE TRIBUNAL, COCHIN BENCH .............. APPELLANT / RESPONDENT : ---------------------------------------- THE COMMISSIONER OF INCOME TAX, KOTTAYAM. BY ADV. SRI.JOSE JOSEPH, SC, INCOME TAX RESPONDENT / APPELLANT : ------------------------------------------- M/S.SEA PEARL ENTERPRISES, CHANDIROOR, ALAPPUZHA. BY ADV. SRI. A. KUMAR THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 21/02/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn C.N.RAMACHANDRAN NAIR &K. SURENDRA MOHAN, JJ. ------------------------------------------------------------ I.T.Appeal NO: 346 OF 2010 ----------------------------------------------------------- Dated this the 21[st] February, 2011. JUDGMENT Ramachandran Nair, J. The question raised is whether Tribunal was justified inallowing business loss which is to the tune of nine crores to therespondent assessee. The claim pertains to contamination andloss of 320 metric tonnes of processed fish kept in therespondent's godown. While the case of the revenue is that thecertificate produced does not substantiate the claim and no othercredible evidence is produced, what is clear from the records isthat department has not bothered to find out even the source offunds for the respondent and how they made up financialdistress suffered by them on account of such massive loss. Thetransaction took place six years back and as of now we do notthink any purpose will be served by remanding the matter to anyauthority. Even though we feel evidence produced is not ITA 346/2010 adequate, we do not find any ground to remand the case.Consequently we dismiss the appeal. C.N.RAMACHANDRAN NAIR Judge jj K. SURENDRA MOHANJudge