Itr/7/2005 Of Peninsular Plantations Ltd.,Pattom,Tvpm v. Commr.of Income Tax,Thiruvananthapuram

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. 7 of 2005() ------------------- AGAINST THE ORDER IN RA. 138/COCH/1998 IN ITA.900/COCH/1992 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPLICANT(S): -------------- THE PENINSULAR PLANTATION LTD.,PATTOM, PATTOM PALACE P.O. THIRUVANANTHAPURAM BY ADV. SRI. RESPONDENT(S): --------------- THE COMMISSIONER OF INCOME TAX, THIRUVANANTHAPURAM. ADV. SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) 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. --------------------------------------------I.T.R. No. 7 OF 2005 -------------------------------------------- Dated this the 25th day of November, 2008 JUDGMENT Ramachandran Nair,J. This reference is at the instance of the assessee and the questioninvolved is assessment of short-term capital gains. We notice from theTribunal's order that based on judgment of this Court, cancelling thetransaction that is sale of estate pertaining to which assessee paid Rs. 5lakhs as advance,the Tribunal cancelled the addition. We do not knowwhy assessee chose to file reference application when the order is intheir favour. Standing counsel for the I.T. Department stated thatjudgment of this Court based on which Tribunal rendered theirjudgment is pending in appeal before the Supreme Court. If that be so,we leave it open to the parties to reagitate the matter before theTribunal, if the Supreme Court reverses the judgment of this Court inappeal. We dispose of the reference application by declining to answerthe question referred but with direction to the Tribunal to rectify the order if the Supreme Court reverses the judgment of this Court basedon which the Tribunal disposed of the appeal. A copy of this judgment under the seal of the High Court andsignature of Registrar-General shall be forwarded to the Income taxAppellate Tribunal, Cochin Bench. (C.N.RAMACHANDRAN NAIR) Judge. (HARUN-UL-RASHID) Judge. kk