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 7TH SEPTEMBER 2009 / 16TH BHADRA 1931 ITA.No. 124 of 2009() --------------------- ITA.353/COCH/1999 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/APPELLANT --------------------------------------- THE COMMISSIONER OF INCOME-TAX, TRIVANDRUM. BY ADV. SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT(S): RESPONDENT ------------------------- SHRI.G.BABU OOMMEN, ALPHONSA CASHEW INDUSTRIES, PUTHOOR.P.O., KOTTARAKKARA. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 07/09/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & V.K.MOHANAN, JJ. .................................................................... I.T. Appeal No.124 of 2009 .................................................................... Dated this the 7th day of September, 2009. JUDGMENT Ramachandran Nair, J. Since the question whether loss in trading could be set off against profit from export of manufactured items for the purpose of computation of benefit under Section 80 HHC of the Income Tax Act is covered by two subsequent decisions of the Supreme Court, one in IPCA LABORATORY LTD. V. DEPUTY COMMISSIONER OF INCOME-TAX reported in (2004) 266 ITR 521 and another in A.M.MOOSA V. COMMISSIONER OF INCOME-TAX reported in (2007) 294 ITR 1, we allow the appeal by setting aside the orders of the Tribunal and that of the first appellate authority and remand the matter to the Assessing Officer for recomputation of eligible relief under 2 Section 80 HHC after issuing notice to the assessee and after serving a copy of this judgment on the assessee. C.N.RAMACHANDRAN NAIR Judge V.K.MOHANAN Judge pms