K.k.denesan v. Ramkumar, Jj

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE K.SURENDRA MOHAN THURSDAY, THE 19TH FEBRUARY 2009 / 30TH MAGHA 1930 ITA.No. 133 of 2008() --------------------- ITA.294/COCH/2000 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/APPELLANT: --------------------------------------- THE COMMISSIONER OF INCOME -TAX, THIRUVANANTHAPURAM. BY ADV. MR.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) MR.GEORGE K.GEORGE RESPONDENT(S): RESPONDENT: ---------------------------------------------------- KERALA STATE INDUSTRIAL DEVELOPMENT CORPORATION LIMITED, THIRUVANANTHAPURAM. BY MR.M.PATHROSE MATTHAI, SENIOR ADVOCATE, MR.SAJI VARGHESE, SMT.MARIAM MATHAI. THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 19/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & K.SURENDRA MOHAN, JJ. ------------------------------------------------------------------------------------ ----------------------------------------------------------------------------------- Dated this the 19[th] February, 2009.JUDGMENT RAMACHANDRAN NAIR, J. The respondent assessee is a Government of Keralaundertaking engaged in industrial financing. The revenue hasfiled appeal against the order of the Tribunal for the assessmentyear 1997-98 raising three questions. When the matter came upfor admission this Court felt that only the third question arises forconsideration because question Nos: 1 and 2 raised in the appealare covered by Division Bench judgment of this Court in assessee'sown case in ITA 32/2003. 2. We have heard counsel for the appellant and counsel forthe assessee on the third question. We do not find any ground tointerfere with the order of the Tribunal because the Tribunal hasonly confirmed the order of the first appellate authority holdingthat assessee is entitled to follow the consistent stand taken by itthat 92.15% of the income is attributable to long term investments.The department has no case that there is any escapement ofincome on account of apportionment of 92.15% attributable to long ITA 133/2008 term investments. Even if the apportionment is not exactly correct,at the maximum it may affect quantum deductions. We do not findany question of law arising in a matter where the issue is onlycorrectness of the apportionment of income from long terminvestments. We therefore dismiss the appeal filed by the revenue. C.N. RAMACHANDRAN NAIRJudge K. SURENDRA MOHANJudge jj K.K.DENESAN & V. RAMKUMAR, JJ. ---------------------------------------------------- M.F.A.NO: ----------------------------------------------------- JUDGMENT Dated: