Manjula Chellur, C.j v. Having Regard To The Law Laid Sown By The Apex Court

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HON'BLE THE CHIEF JUSTICE DR. MANJULA CHELLUR &THE HONOURABLE MR.JUSTICE A.M.SHAFFIQUE MONDAY, THE 7TH DAY OF OCTOBER 2013/15TH ASWINA, 1935 ITA.No. 148 of 2011 ( ) ------------------------ AGAINST THE ORDER/JUDGMENT IN ITA 460/2009 of I.T.A.TRIBUNAL,COCHINBENCH DATED 18-01-2011 APPELLANT(S):------------- THE COMMISSIONER OF INCOME TAX,KOTTAYAM. BY ADVS.SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT(S):-------------- SHRI.GEORGE VARGHESE,GENERAL RUBBERS, P.JOHN ZACHARIA BUILDING,KOTTAYAM-686 001. BY ADV. SRI.JOSEPH KODIANTHARA (SR.) BY ADV. SRI.V.ABRAHAM MARKOS BY ADV. SRI.BINU MATHEW BY ADV. SRI.TERRY V.JAMES BY ADV. SRI.B.J.JOHN PRAKASH BY ADV. SRI.TOM THOMAS (KAKKUZHIYIL) BY ADV. SRI.MATHEWS K.UTHUPPACHAN THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON07-10-2013, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: MANJULA CHELLUR, C.J & A.M.SHAFFIQUE, J. ---------------------------------------------- I.T.A.No. 148 of 2011 ---------------------------------------------- Dated this the 7[th] October, 2013JUDGMENT Manjula Chellur, C.J. Having gone through the factual situation and in the lightof the fact that export entitlements not only include DEPBcredit and duty credit, but the other benefits also, thesubstantial question of law needs to be modified restricting theentitlements only to DEPB credit and duty credit. Accordingly,the following substantial question of law arise for consideration: Whether on the facts and in thecircumstances of the case is not the order ofthe ITAT holding that the assessee is entitledto deduction u/s 80 IB DEPB credit and dutycredit against law, illegal and unsustainable inthe light of the decision of the Supreme Courtin Liberty India vs. CIT (317 ITR 218)?circumstances of the case is not the order ofthe ITAT holding that the assessee is entitledto deduction u/s 80 IB DEPB credit and dutycredit against law, illegal and unsustainable inthe light of the decision of the Supreme Courtin Liberty India vs. CIT (317 ITR 218)? 2. Having regard to the law laid sown by the Apex Court in Liberty India v. CIT (317 ITR 218), the substantial questionof law is answered in favour of Revenue. ITA.148/11 2 Accordingly, the appeal is allowed setting aside the order of the Income Tax Appellate Tribunal. MANJULA CHELLUR, CHIEF JUSTICE A.M.SHAFFIQUE, JUDGE vgs7.10