Rp/771/2012 Of National Tyres & Rubber Co. Of India Ltd v. The Commissioner Of Income Tax, Cochin

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HONOURABLE MR.JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR.JUSTICE. P.S.GOPINATHAN THURSDAY, THE 27TH DAY OF SEPTEMBER 2012/5TH ASWINA 1934 RP.No. 771 of 2012 () IN ITA/1478/2009 --------------------------------------- AGAINST THE ORDER/JUDGMENT IN ITA.1478/2009 DATED 5/7/2011 REVIEW PETITIONER(S)/RESPONDENT: ------------------------------- NATIONAL TYRES & RUBBER CO. OF INDIA LTD W. ISLAND, COCHIN -3. BY ADVS.SRI.ANIL D. NAIR SRI.J.R.PREM NAVAZ SMT.NIVEDITA A.KAMATH RESPONDENT(S)/APPELLANT: ------------------------ THE COMMISSIONER OF INCOME TAX, COCHIN. R BY SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) R BY SRI.JOSE JOSEPH, SC, FOR INCOME TAX THIS REVIEW PETITION HAVING BEEN FINALLY HEARD ON 27-09-2012, THECOURT ON THE SAME DAY PASSED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & P.S.GOPINATHAN, JJ. ````````````````````````````````````````````````````````````` R.P. No. 771 of 2012 I.T. Appeal No. 1478 of 2009 ````````````````````````````````````````````````````````````` Dated this the 27[th] day of September, 2012 ~ ~ ~ ~ ~ ~ Ramachandran Nair, J. Review petition is filed seeking review ofjudgment in the matter of computation of income. 2.We have heard the counsel for the reviewpetitioner and also Standing Counsel for the respondent. 3. The case of the review petitioner is that when land was sold as stock-in-trade, the profit on sale wasreturned and the same was assessed and tax paid.According to him, this along with levy of tax on capital gainsled to duplicity of assessment of the same profit. However,Standing Counsel submits that both the assessments willstand the test of law because capital gains is adopted withreference to market value recorded in the books of accounts RP No.771/2012 as conversion. This is a matter for the Assessing Officer toexamine whether there is any duplicity of the same incomein assessment. He shall rectify the assessment avoidingdouble assessment of same income that is not permitted inlaw. Review Petition is allowed, modifying and clarifying thejudgment as above. Sd/- (C.N.RAMACHANDRAN NAIR, JUSTICE) Sd/- (P.S.GOPINATHAN, JUDGE) aks/27/09 // True Copy // PA to Judge