IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE T.R.RAMACHANDRAN NAIR THURSDAY, THE 31ST JANUARY 2008 / 11TH MAGHA 1929 ITA.No. 76 of 2001() -------------------- ITA.186/COCH/1994 of I.T.A.TRIBUNAL,COCHIN BENCH,COCHIN .................... APPELLANT:APPELLANT: ----------------- THE COMMISSIONER OF INCOME TAX, COCHIN BY ADV. SRI.P.K.R.MENON(SR.),SC FOR IT SRI.GEORGE K. GEORGE, SC FOR IT RESPONDENT: RESPONDENT ------------- M/S. SEA PEARL INDUSTRIES, CHANDIROOR, ALLEPPEY. BY ADV. SRI.C.KOCHUNNY NAIR SRI.DALE P.KURIEN THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 31/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C .N. RAMACHANDRAN NAIR & T.R. RAMACHANDRAN NAIR, JJ. -------------------------------------------- I.T.A. No. 76 OF 2001 -------------------------------------------- Dated this the 31st day of January, 2008 JUDGMENT C.N. Ramachandran Nair,J. In the appeal filed by the Revenue, the question raised is whether the Tribunal was justified in holding that recomputation of export profit by the Officer in variation with the computation made by the assessee is not justified under Section 143(1)(a) of the I.T. Act. We have heard standing counsel appearing for the appellant and counsel appearing for the respondent. It is seen that the assessee had committed a mistake in the computation of export profit under Section 80HHC in as much as exclusion of 90% of the items of receipts forming part of profit and gains of business was not done in accordance with the provision. All what the Officer has done is to recompute the same strictly in accordance with the formula provided under the Section. We do not think there is any debatable issue in the computation of export profit in accordance with the formula provided 2 therein. The assessee has no case that recomputation by the officer was not in accordance with statute. In the circumstances, appeal is allowed reversing the order of the Tribunal and restoring the assessment. (C.N.RAMACHANDRAN NAIR) Judge. (T.R.RAMACHANDRAN NAIR) Judge. kk