IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE V.K.MOHANAN WEDNESDAY, THE 23RD DECEMBER 2009 / 2ND POUSHA 1931 ITA.No. 1331 of 2009() ---------------------- ITA.365/COCH/2007 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/APPELLANT --------------------------------------- THE COMMISSIONER OF INCOME TAX,COCHIN. BY ADV. SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT(S): RESPONDENT ------------------------- SHRI.JOSEPH ANTONY V,, VACHA,36/482,ST.FRANCIS CHURCH ROAD,COCHIN-17. ADV. SRI.S.VIJAYAN NAYAR FOR R1 THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 23/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C .N. RAMACHANDRAN NAIR & V.K. MOHANAN, JJ. -------------------------------------------- I. T. A. No. 1331 OF 2009 -------------------------------------------- Dated this the 23rd day of December, 2009 JUDGMENT Ramachandran Nair, J. Even though the question raised in the Appeal by the Revenue on valuation of bonus shares is a question of law, and the assessee's treatment of it's cost as Nil is prima facie not tenable, we notice that in the next year, the assessee has declared full sale proceeds of bonus shares as income and paid tax thereon. Since subsequent year's assessment has become final, we notice that revenue has no grievance. We therefore do not propose to go into the merits of the case. Accordingly appeal is closed. (C.N.RAMACHANDRAN NAIR) Judge. (V.K. MOHANAN) Judge. 2 kk