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1 ITA NO. 325 OF 2019 2024:KER:58694 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR & THE HONOURABLE MR. JUSTICE SYAM KUMAR V.M. MONDAY, THE 5TH DAY OF AUGUST 2024 / 14TH SRAVANA, 1946 ITA NO. 325 OF 2019 AGAINST THE ORDER/JUDGMENT DATED 18.06.2019 IN ITA NO.115 OF 2019 OF I.T.A.TRIBUNAL,COCHIN BENCH APPELLANT/APPELLANT/RESPONDENT/REVENUE THE PRINCIPAL COMMISSIONER OF INCOME -TAX THIRUVANANTHAPURAM BY ADV SRI.CHRISTOPHER ABRAHAM, INCOME TAX DEPARTMENT RESPONDENT/RESPONDENT/APPELLANT/ASSESSEE KERALA STATE INDUSTRIAL DEVELOPMENT CORPORATION LTD KESTON ROAD, KOWDIAR, TRIVANDRUM-695 003 (PAN AAACK9434D) BY ADVS. SRI.T.M.SREEDHARAN (SR.) SMT.NISHA JOHN SRI.V.P.NARAYANAN SMT.DIVYA RAVINDRAN SRI.R.BHASKARA KRISHNAN THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 05.08.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
2 ITA NO. 325 OF 2019 2024:KER:58694 J U D G M E N T ============
Dr. A.K.Jayasankaran Nambiar, J.
It is agreed by both sides that the issue as to whether in the context of Section 36(1)(viii) and Section 41(4A) of the Income Tax Act ('the Act' for short), a withdrawal from a special reserve, in respect of which a deduction had been allowed under Section 36(1)(viii) of the Act, would attract the provisions of Section 41(4A) of the Act, so as to deem the withdrawn amount as profits and gains of business or profession, has been decided by this Court in the judgment dated 05.04.2019 in I.T.Appeal No.69 of 2014 and connected cases, wherein this Court found in favour of the assessee in almost similar circumstances. In that case, it was also observed that the question as to whether the assessee had withdrawn any amount from the special reserve created and maintained during the relevant year, was more a question of fact and not a substantial question of law for the purposes of maintaining an I.T. Appeal before this Court. Following the said judgment of this Court
3 ITA NO. 325 OF 2019 2024:KER:58694 therefore, we dismiss the I.T.Appeal preferred by the revenue by finding that it does not raise any substantial question of law to be considered by this Court.
Sd/-
DR. A.K.JAYASANKARAN NAMBIAR JUDGE
Sd/- SYAM KUMAR V.M. JUDGE smm
4 ITA NO. 325 OF 2019 2024:KER:58694 APPENDIX OF ITA 325/2019 PETITIONER ANNEXURES ANNEXURE A TRUE COPY OF THE ORDER U/S 143(3) R.W.S. 263 OF THE INCOME TAX ACT, 1961 OF THE ASSESSING OFFICE FOR THE AY 2010-11 DATED 11/03/2016. ANNEXURE B TRUE COPY OF THE ORDER OF THE COMMISSIONER OF INCOME TAX ( APPEALS) TRIVANDRUM DATED 30/11/2018. ANNEXURE C TRUE COPY OF THE ORDER OF THE ITAT IN IT NO. 115/COCH/2019 FOR THE AY 2010-11 DATED 18/06/2019.