IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR THURSDAY, THE 24TH JULY 2008 / 2ND SRAVANA 1930 OP.No. 24869 of 1999(I) ----------------------- PETITIONERS: ------------ 1. M/S. QUEENS KURIES & LOANS (P) LTD., X/318-7A, PALLIKKULAM ANGADI, TRICHUR. 2. SRI. P.A. DEVASSY, SON OF P.D. ANTONEY, CHAIRMAN, M/S. QUEENS KURIES AND LOANS (P) LTD., X/318-7A, PALLIKKULAM ANGADI, TRICHUR. BY ADV. SRI.P.BALACHANDRAN (SR.) RESPONDENTS: ------------- 1. INCOME TAX OFFICER (TDS), DIVISION II, WEST FORT, TRICHUR. 2. THE COMMISSIONER OF INCOME TAX, CR BUILDING, I.S. PRESS ROAD, ERNAKULAM, COCHIN 682 018. 3. UNION OF INDIA, REPRESENTED BY SECRETARY, MINISTRY OF FINANCE, NEW DELHI. BY ADV. SRI.P.K.R.MENON(SR.),SC FOR IT SRI.GEORGE K. GEORGE, SC FOR IT THIS ORIGINAL PETITION HAVING BEEN FINALLY HEARD ON 24/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2 ORDER ON CMP 51199 OF 1999 IN OP 24869 OF 1999 DISMISSED PETITIONER'S EXHIBITS: EXT.P1 TRUE COPY OF THE BROCHURE EXT.P1(a) TRUE COPY OF TRANSLATION OF EXT.P1 EXT.P2 TRUE COPY OF THE NOTICE ISSUED BY THE FIRST RESPONDENT DATED 5.8.1999 EXT.P3 TRUE COPY OF THE LETTER BY FIRST RESPONDENT DATED 25.10.1999 EXT.P4 TRUE COPY OF THE LETTER BY THE PETITIONER TO FIRST RESPONDENT DATED 29.10.1999 RESPONDENTS' EXHIBITS: NIL. TRUE COPY P.S. TO JUDGE. C.N. RAMACHANDRAN NAIR, J. -------------------------------------------- O.P. NO. 24869 OF 1999 -------------------------------------------- Dated this the 24th day of July, 2008 JUDGMENT The very same issue raised is decided by this Court in the decision in CANAAN KURIES AND LOANS (P) LTD. V. ITO, (2005) 272 I.T.R. 535. O.P. is accordingly disposed of directing the assessing officer to modify the assessment in terms of the above decision within two months from the date of production of a copy of this judgment. Since petitioner has furnished bank guarantee, recovery proceedings will be kept in abeyance until revised orders are issued in terms of the judgment. (C.N. RAMACHANDRAN NAIR) Judge kk 2