Ita/8/2007 Of The Fertilisers And The Chemicals Travancore Ltd v. Commissioner Of Income Tax

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE K.VINOD CHANDRAN & THE HONOURABLE MR. JUSTICE ASHOK MENON FRIDAY, THE 02ND DAY OF NOVEMBER 2018 / 11TH KARTHIKA, 1940 ITA. No.8 of 2007 AGAINST THE ORDER IN ITA NO.464/2005 OF THE INCOME TAX APPELLATETRIBUNAL, COCHIN BENCH DATED 26-06-2006 APPELLANT/APPELLANT: THE FERTILISERS AND THE CHEMICALS TRAVANCORE LTD.,UDYOGAMANDAL. BY ADVS.SRI.ANIL D. NAIRSRI.E.K.NANDAKUMAR (SR.) RESPONDENT/RESPONDENT: COMMISSIONER OF INCOME TAX,KOCHI SRI PKR MENON SR FOR GOI TAXES THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 02.11.2018,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ITA. No.8 of 2007 JUDGMENT K. Vinod Chandran, J. The only issue arising in the above appeal isas to whether the foreseeable loss in contractcould be claimed as a deduction before thecontract is concluded, considering the liabilityascertained at the various stages. We have alreadyheld against the very same appellant in ITA No.43of 2003 by judgment dated 09.10.18. We hence follow the aforesaid judgment andreject the above appeal answering the question infavour of the Revenue and against the assessee. Sd/-K. VINOD CHANDRAN JUDGE Sd/- ASHOK MENON JUDGE sp/07/11/18 //True CopyP.A. To Judge ITA. No.8 of 2007 APPENDIX OF ITA 8/2007 PETITIONER'S EXHIBITS: