Itr/1/2004 Of The Commr.of Income Tax,Trivandrum v. Shri.a.m.moosa,Chandiroor,Alleppey

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE HARUN-UL-RASHID TUESDAY, THE 25TH NOVEMBER 2008 / 4TH AGRAHAYANA 1930 ITR.No. 1 of 2004() ------------------- ITA.801/COCH/1992 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPLICANT(S): -------------- THE COMMISSIONER OF INCOME TAX, TRIVANDRUM. BY ADV. SRI. P.K. R MENON, SR. COUNSEL RESPONDENT(S): --------------- SHRI. A.M. MOOSA, C/O. M/S. BHARAT SEA FOODS, CHANDIROOR, ALLEPPEY BY ADV. THIS TAX REFERENCE HAVING BEEN FINALLY HEARD ON 25/11/2008 THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C .N. RAMACHANDRAN NAIR &HARUN-UL-RASHID, JJ. -------------------------------------------- M.A.C.A. No. 1 OF 2004 -------------------------------------------- Dated this the 25th day of November, 2008 JUDGMENT Ramachandran Nair,J. The question raised in the reference made at the instance of therevenue is whether the items of income referred to in paragraph 2 of thereference should be reckoned while computing eligible exemption ofexport profit under Section 80HHC of the I.T. Act. We have heardcounsel appearing for the revenue and have gone through the order ofthe Tribunal. We find that out of 8 items referred to in paragraph 2 ofthe reference order, disallowance is called for in respect of ice sales forRs. 45,507/-, freezing and cold storage charges of Rs. 1,04,482/-,profit on sale of vehicles of Rs. 19,656/- and interest on investmentsbeing only paltry sum of Rs. 537/-. All other items qualify to beconsidered in the computation of eligible export profits. We thereforedispose of the reference by answering the question substantially infavour of the assessee as stated above and balance in favour of the revenue as stated above. A copy of this judgment under the seal of the High Court andsignature of the Registrar-General shall be forwarded to the Income taxAppellate Tribunal, Cochin Bench, for modification of their orderconsistent with the above decision. (C.N.RAMACHANDRAN NAIR)Judge. (HARUN-UL-RASHID) Judge. kk