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 WEDNESDAY, THE 13TH FEBRUARY 2008 / 24TH MAGHA 1929 ITR.No. 142 of 1999() --------------------- AGAINST THE ORDER IN RA 75/COCH/95 IN ITA.45/COCH/1990 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPLICANT: ----------- COMMISSIONER OF INCOME TAX, COCHIN. BY ADV. SRI.P.K.R.MENON(SR.),SR.COUNSEL FOR IT SRI.GEORGE K. GEORGE, SC FOR IT RESPONDENTS: ------------- M/S. SEA PEARL INDUSTRIES, CHANDIROOR, ALLEPPEY DIST. BY ADV. SRI.C.KOCHUNNY NAIR SRI.DALE P.KURIEN THIS TAX REFERENCE HAVING BEEN FINALLY HEARD ON 13/02/2008, ALONG WITH ITR 143 OF 1999, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C .N. RAMACHANDRAN NAIR & T.R. RAMACHANDRAN NAIR, JJ. -------------------------------------------- I.T.R. No. 142 & 143 OF 1999 -------------------------------------------- Dated this the 13th day of February, 2008 JUDGMENT C.N. Ramachandran Nair,J. Since the question raised is covered in favour of the revenue and against the assessee vide decision of the Supreme Court in SEA PEARL INDUSTRIES V. C.I.T., (2001) 247 I.T.R. 578, reference cases are disposed of answering the questions referred in favour of the revenue and against the assessee. A copy of this judgment under the seal of the High court and the signature of the Registrar shall be forwarded to the Income-tax Appellate Tribunal, Cochin Bench, Cochin. (C.N.RAMACHANDRAN NAIR) Judge. (T.R.RAMACHANDRAN NAIR) Judge. kk 2