Ita/76/2001 Of The Commr. Of Income Tax, Cochin v. M/S.sea Pearl Industries, Alleppey

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE T.R.RAMACHANDRAN NAIR THURSDAY, THE 31ST JANUARY 2008 / 11TH MAGHA 1929 ITA.No. 76 of 2001() -------------------- ITA.186/COCH/1994 of I.T.A.TRIBUNAL,COCHIN BENCH,COCHIN .................... APPELLANT:APPELLANT: ----------------- THE COMMISSIONER OF INCOME TAX, COCHIN BY ADV. SRI.P.K.R.MENON(SR.),SC FOR IT SRI.GEORGE K. GEORGE, SC FOR IT RESPONDENT: RESPONDENT ------------- M/S. SEA PEARL INDUSTRIES, CHANDIROOR, ALLEPPEY. BY ADV. SRI.C.KOCHUNNY NAIR SRI.DALE P.KURIEN THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 31/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C .N. RAMACHANDRAN NAIR &T.R. RAMACHANDRAN NAIR, JJ. -------------------------------------------- -------------------------------------------- Dated this the 31st day of January, 2008 JUDGMENT C.N. Ramachandran Nair,J. In the appeal filed by the Revenue, the question raised is whetherthe Tribunal was justified in holding that recomputation of exportprofit by the Officer in variation with the computation made by theassessee is not justified under Section 143(1)(a) of the I.T. Act. Wehave heard standing counsel appearing for the appellant and counselappearing for the respondent. It is seen that the assessee hadcommitted a mistake in the computation of export profit under Section80HHC in as much as exclusion of 90% of the items of receiptsforming part of profit and gains of business was not done in accordancewith the provision. All what the Officer has done is to recompute thesame strictly in accordance with the formula provided under theSection. We do not think there is any debatable issue in thecomputation of export profit in accordance with the formula provided therein. The assessee has no case that recomputation by the officerwas not in accordance with statute. In the circumstances, appeal isallowed reversing the order of the Tribunal and restoring theassessment. (C.N.RAMACHANDRAN NAIR)Judge. (T.R.RAMACHANDRAN NAIR) Judge. kk