IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE K.SURENDRA MOHAN MONDAY, THE 21ST FEBRUARY 2011 / 2ND PHALGUNA 1932 ITA.No. 346 of 2010() ----------------- ITA.924/COCH/2008 OF INCOME TAX APPELLATE TRIBUNAL, COCHIN BENCH .............. APPELLANT / RESPONDENT : ---------------------------------------- THE COMMISSIONER OF INCOME TAX, KOTTAYAM. BY ADV. SRI.JOSE JOSEPH, SC, INCOME TAX RESPONDENT / APPELLANT : ------------------------------------------- M/S.SEA PEARL ENTERPRISES, CHANDIROOR, ALAPPUZHA. BY ADV. SRI. A. KUMAR THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 21/02/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn C.N.RAMACHANDRAN NAIR & K. SURENDRA MOHAN, JJ. ------------------------------------------------------------ I.T.Appeal NO: 346 OF 2010 ----------------------------------------------------------- Dated this the 21st February, 2011. JUDGMENT Ramachandran Nair, J. The question raised is whether Tribunal was justified in allowing business loss which is to the tune of nine crores to the respondent assessee. The claim pertains to contamination and loss of 320 metric tonnes of processed fish kept in the respondent's godown. While the case of the revenue is that the certificate produced does not substantiate the claim and no other credible evidence is produced, what is clear from the records is that department has not bothered to find out even the source of funds for the respondent and how they made up financial distress suffered by them on account of such massive loss. The transaction took place six years back and as of now we do not think any purpose will be served by remanding the matter to any authority. Even though we feel evidence produced is not ITA 346/2010 2 adequate, we do not find any ground to remand the case. Consequently we dismiss the appeal. C.N.RAMACHANDRAN NAIR Judge K. SURENDRA MOHAN Judge jj ITA 346/2010 3