IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE HARUN-UL-RASHID TUESDAY, THE 25TH NOVEMBER 2008 / 4TH AGRAHAYANA 1930 ITR.No. 1 of 2004() ------------------- ITA.801/COCH/1992 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPLICANT(S): -------------- THE COMMISSIONER OF INCOME TAX, TRIVANDRUM. BY ADV. SRI. P.K. R MENON, SR. COUNSEL RESPONDENT(S): --------------- SHRI. A.M. MOOSA, C/O. M/S. BHARAT SEA FOODS, CHANDIROOR, ALLEPPEY BY ADV. THIS TAX REFERENCE HAVING BEEN FINALLY HEARD ON 25/11/2008 THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C .N. RAMACHANDRAN NAIR & HARUN-UL-RASHID, JJ. -------------------------------------------- M.A.C.A. No. 1 OF 2004 -------------------------------------------- Dated this the 25th day of November, 2008 JUDGMENT Ramachandran Nair,J. The question raised in the reference made at the instance of the revenue is whether the items of income referred to in paragraph 2 of the reference should be reckoned while computing eligible exemption of export profit under Section 80HHC of the I.T. Act. We have heard counsel appearing for the revenue and have gone through the order of the Tribunal. We find that out of 8 items referred to in paragraph 2 of the reference order, disallowance is called for in respect of ice sales for Rs. 45,507/-, freezing and cold storage charges of Rs. 1,04,482/-, profit on sale of vehicles of Rs. 19,656/- and interest on investments being only paltry sum of Rs. 537/-. All other items qualify to be considered in the computation of eligible export profits. We therefore dispose of the reference by answering the question substantially in favour of the assessee as stated above and balance in favour of the 2 revenue as stated above. A copy of this judgment under the seal of the High Court and signature of the Registrar-General shall be forwarded to the Income tax Appellate Tribunal, Cochin Bench, for modification of their order consistent with the above decision. (C.N.RAMACHANDRAN NAIR) Judge. (HARUN-UL-RASHID) Judge. kk 3