Kerala State Elecricity Board, Trivandrum V. DCIt, Trivandrum

ITA 648/COCH/2010

• Counselvise Citation: [2011] 135 COUNSELVISE.COM (IT) 0841 (ITAT-COCHIN)
• Duration Of Justice: 3 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-03-2011
• Appeal Filed By: Assessee
• Bench Allotted: DB
• Assessment Year: 2007-2008
• Appeal Filed On: 06-12-2010
• Court: TRIBUNAL
• Department Lawyers: S C SONKAR
• Assessee Lawyers: PREETHI S NAIR
• Keywords: Opportunity of being heard
• Section: 115JB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE SHRI N.VIJAYAKUMARAN & SHRI SANJAY ARORA I.T.A.NO.648/COCH/2010 ASSESSMENT YEAR:2007-08 KERALA STATE ELECTRICITY BOARD, VYTHUTHI BHAVAN, PATTOM P.O. TRIVANDRUM. PA NO.AABCK 5896J VS. THE DY. COMMISSIONER OF INCOME-TAX, CIRCLE-1(1), TRIVANDRUM. (APPELLANT) ( RESPONDENT ) APPELLANT BY S MT. PREETHI S. NAIR RESPONDENT BY SHRI S.C. SONKAR, CIT.,DR O R D E R PER N.VIJAYAKUMARAN,J.M: THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST TH E ORDER OF THE LD. CIT(APPEALS)-I, TRIVANDRUM, DATED 05-10- 2010. 2. THE ENTIRE COMPUTATION IS BASED ON THE MAT PROV ISION U/S.115JB. AS STATED BY THE LD. COUNSEL FOR THE A SSESSEE, THE HONBLE JURISDICTIONAL HIGH COURT IN THE ASSESS EES OWN CASE AS REPORTED IN (2010) 329 ITR 91 IT HAS BEEN H ELD THAT APPLICABILITY OF MAT PROVISIONS TO THE ASSESSEE ELE CTRICITY BOARD AND THE ASSESSEE ELECTRICITY BOARD IS NOT A C OMPANY 2 ITA NO. 648/COCH/2010 KERALA STATE ELECTRICITY BOARD. BOUND BY PROVISIONS OF COMPANY ACT AS TO THE MANNER OF DRAWING UP PROFIT AND LOSS ACCOUNT OR OBLIGATION TO LAY IT BEFORE COMPANY IN GENERAL MEETING. THE PROVISIONS OF SECTION 115JB IS NOT APPLICABLE TO IT IS THE FINDIN G OF THE JURISDICTIONAL HIGH COURT. IN VIEW OF THE ABOVE FINDING, THE ENTIRE COMPUTATION HAS TO BE RE-CALCULATED, FOLLOWI NG THE GENERAL COMPUTATION NOT WITH THE MAT BOOK PROFIT PR OVISIONS. UNDER THE CIRCUMSTANCES, WE SET ASIDE THE ORDERS OF THE AUTHORITIES BELOW AND RESTORE THE ISSUE BACK TO THE FILE OF ASSESSING OFFICER FOR COMPUTING THE INCOME IN ACCOR DANCE WITH THE DECISION OF THE JURISDICTIONAL HIGH COURT IN ASSESSEES OWN CASE, CITED SUPRA. IT IS NEEDLESS TO MENTION THAT THE ASSESSING OFFICER SHOULD AFFORD ADEQUATE OPPORTUNITY OF BEING HEARD TO THE ASSESSEE. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWEDFOR STATISTICAL PURPOSE. SD/- SD/- (SANJAY ARORA) (N.VIJAYKUMARAN) ACCOUNTANT MEMBER JUDICIAL M EMBER ERNAKULAM, DATED THE 09 TH MARCH,2011. PM. 3 ITA NO. 648/COCH/2010 KERALA STATE ELECTRICITY BOARD. COPY FORWARDED TO: 1. KERALA STATE ELECTRICITY BOARD, VYTHUTHI BHAVAN, PA TTOM P.O. TRIVANDRUM. 2. THE DY. CIT., CIRCLE-1(1), TRIVANDRUM. 3. CIT(A)-I, TRIVANDRUM. 4. CIT, TRIVANDRUM. 5. D.R.