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 2005() ------------------- AGAINST THE ORDER IN RA. 324/COCH/1998 IN ITA.691/COCH/1994 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPLICANT(S): -------------- THE COMMISSIONER OF INCOME TAX, COCHIN BY SC SRI. P.K. R . MENON, SR. COUNSEL FOR GOI.(IT) RESPONDENT(S): --------------- M/S. MUKKATTUKARA CATHOLIC CO. LTD., MUKKATTUKARA, THRISSUR. 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. -------------------------------------------- I.T.R. No. 1 OF 2005 -------------------------------------------- Dated this the 25th day of November, 2008 JUDGMENT Ramachandran Nair,J. Question raised in the reference application filed by the department pertains to assessment of income on terminated kuries. The addition involved for the assessment year 1991-92 is Rs. 2,39,638/-. The Assessing Officer adopted accrual basis for the assessment of income on terminated kuries. However, assessee claimed that income accounted is on realisation basis, based on the system of accounting followed by it. The assessee's case is seen accepted by the Tribunal for several years. Reference for earlier years was disposed of by this Court vide judgment reported in ASST. C.I.T. V. MAJESTIC KURIES AND LOANS (P) LTD., (2004) 267 I.T.R. 593. The outcome of the said judgment is not known. We therefore decline to answer the question referred, but dispose of the reference case by directing the Tribunal to follow their order in the connected case if they have already disposed 2 of those appeals based on above judgment of this Court and dispose of this appeal also or dispose of this appeal along with other cases based on the very same judgment of this Court. 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, Cochin. (C.N.RAMACHANDRAN NAIR) Judge. (HARUN-UL-RASHID) Judge. kk 3