IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE V.K.MOHANAN MONDAY, THE 16TH NOVEMBER 2009 / 25TH KARTHIKA 1931 ITA.No. 1064 of 2009() ---------------------- ITA.1282/COCH/2004 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): --------------- CHAKOLAS SPINNING AND WEAVING MILLS LTD KALAMASSERRY. BY ADV. SRI.JOSEPH KODIANTHARA & SRI.TERRY V.JAMES THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 16/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N. RAMACHANDRAN NAIR & V.K.MOHANAN, JJ. ---------------------------------------- I.T.A. No.1064 OF 2009 ---------------------------------------- Dated, the 16th November, 2009 JUDGMENT Ramachandran Nair, J. The question raised is whether the Tribunal was justified in holding that the income escaped assessment is time barred. We notice that the purpose of reopening was to bring to tax irregular claim of exemption allowed under section 54D of the I.T.Act in the computation of capital gains. It is seen from the Tribunal's order that original proposal was made to rectify the assessment under section 154 of the Act. Even though the assessee objected, the Assessing Officer waited for another three years to issue notice under section 148. Obviously, the officer allowed the matter to get time barred to pass order under section 147. We do not know under what circumstance this ITA 1064/09. -:2:- happened. In any case it is seen from the Tribunal's order that the assessee has declared the details required in the computation of capital gains and, therefore, no reopening of the issue can be made under section 147 for the relevant assessment years after four years. Consequently, the appeal is dismissed. C.N.RAMACHANDRAN NAIR JUDGE V.K.MOHANAN, JUDGE kvm/- ITA 1064/09. -:3:- V.K.MOHANAN, J. O.P.No. JUDGMENT Dated:..