IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE P.S.GOPINATHAN WEDNESDAY, THE 23RD JUNE 2010 / 2ND ASHADHA 1932 ITA.No. 308 of 2002() --------------------- ITA.4/COCH/2001 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/RESPONDENT --------------------------------------- THE COMMISSIONER OF INCOME TAX, TRIVANDRUM. BY ADV. SRI.P.K.R.MENON, SENIOR ADVOCATE SRI.GEORGE K. GEORGE, SC FOR IT RESPONDENT/APPELLANT ----------------------------------------- M/S.TRANSWORLD CREDITS & INVESTMENTS (P) LTD., KOLLAM. ADV. SRI.C.KOCHUNNY NAIR FOR R SRI.DALE P.KURIEN FOR R THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 23/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & P.S.GOPINATHAN, JJ. --------------------------- I.T.A No. 308 OF 2002 -------------------------- Dated this the 23rd day of June, 2010 J U D G M E N T Ramachandran Nair, J. The issue raised in this appeal is covered by our judgment reported in Commissioner of Income Tax v. Kerala State Financial Enterprises Ltd. (220 CTR 286). Following the said judgment, we allow the appeal filed by the revenue by reversing the order of the Tribunal and direct the revision of assessment in line with the judgment of the Division Bench referred above after giving an opportunity of hearing to the respondent. Since the counsel for the respondent submitted that the appeal is pending against the judgment of this Court referred above, we feel that the respondent could be given the benefit if the Supreme Court reverses or modifies the judgment of this Court. Accordingly, without any necessity in the respondent filing the appeal before the Supreme Court, we direct the assessing officer to revise the assessment in line with the judgment of the Supreme Court if the judgment of this Court is modified or reversed by the Supreme Court. The appeal is allowed as above. C.N.RAMACHANDRAN NAIR (JUDGE ) P.S.GOPINATHAN (JUDGE ) vps WPC No. 2 WPC No. 3 WPC No. 4