CIT KARNAL vs. M/S BHARAT INDUSTRIAL ENTERPRISES LTD.
What did the High Court hold?
The High Court held that since the issue in the present appeal was identical to the issue decided by this Court in the case of M/s Veer Overseas Ltd. v. ACIT, and that appeal was dismissed on March 17, 2010, no question of law arises for consideration in the present appeal. Consequently, the appeal filed by the Revenue was dismissed. The ITAT's finding that the re-assessment proceedings were based on a change of opinion and were thus not sustainable was implicitly upheld by the High Court's dismissal of the Revenue's appeal. No specific operative directions were issued as the appeal was dismissed.
What were the facts?
The Revenue, Commissioner of Income Tax, Karnal, is in appeal against an order dated March 23, 2009, passed by the Income Tax Appellate Tribunal (ITAT). The ITAT held that re-assessment proceedings initiated against the assessee, M/s Bharat Industrial Enterprises Ltd., were unsustainable as they were based on a change of opinion. The ITAT's decision relied on its earlier order in the case of M/s Veer Overseas Ltd. v. ACIT. The Revenue's counsel acknowledged that this Court had previously dismissed the Revenue's appeal in the M/s Veer Overseas Ltd. case on March 17, 2010.
What were the issues?
1. Whether the re-assessment proceedings initiated against the assessee are sustainable in law, turning on the principle of 'change of opinion' under the Income Tax Act, 1961. Assessee's Contention: The ITAT held that the re-assessment proceedings were based on a change of opinion, rendering them invalid. The ITAT relied on its prior decision in M/s Veer Overseas Ltd. v. ACIT. Revenue's Contention: The Revenue's counsel conceded that the issue had already been decided against the Revenue by this Court in its appeal arising from the M/s Veer Overseas Ltd. case, which was dismissed on March 17, 2010. Therefore, no question of law arises for consideration.
Which sections of the Income-tax Act were involved?
Not Specified
AI-generated summary — verify with the full judgment below
Income Tax Appeal No. 230 of 2010 [1] IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Date of Decision: 19.7.2010
Commissioner of Income Tax, Karnal .....Appellant Versus M/s Bharat Industrial Enterprises Ltd. ….Respondent CORAM: Hon’ble Mr. Justice Hemant Gupta Hon’ble Mr. Justice Mehinder Singh Sullar 1. Whether Reporters of local papers may be allowed to see the judgment? 2. To be referred to the Reporters or not? 3. Whether the judgment should be reported in the Digest? Present: Shri Yogesh Putney, Advocate, for the appellant. Hemant Gupta, J. (Oral) The Revenue is in appeal aggrieved against the order passed by the Income Tax Appellate Tribunal, on 23.3.2009, holding that re-assessment proceedings are based upon change of opinion and thus not sustainable. While returning such a finding, the Tribunal has relied upon an earlier order passed in M/s Veer Overseas Ltd. v. ACIT (ITA No. 4752/Del/2007). It is contended by the learned counsel for the appellant that the Revenue’s Appeal (i.e. ITA No. 510 of 2009) arising out of the order passed by the Tribunal in M/s Veer Overseas Ltd.’s case has been dismissed by this Court vide order dated 17.3.2010.
Income Tax Appeal No. 230 of 2010 [2] Since the issue stands decided by this Court against the Revenue, we do not find that any question of law arises for consideration in the present appeal. Hence, the same is dismissed. [ Hemant Gupta ] Judge [ Mehinder Singh Sullar ] Judge 19-07-2010 ds
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