THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. SHRI. BASAWESHWAR CO-OP CREDIT SOCIETY LTD.,

ITA/100039/2016HC KarnatakaKAHC02005199201626 September 2016Bench: ASHOK B HINCHIGERI,P.S.DINESH KUMAR2 pages

AI SummaryDismissed

What did the High Court hold?

The High Court of Karnataka, Dharwad Bench, delivered a judgment on September 26, 2016. Based on the joint submission made by both the Revenue and the assessee, that the issue involved in the appeal is covered by the High Court's previous judgment in I.T.A.No.100029/2015, the Court dismissed the appeal. The dismissal was made with a clear direction that the parties shall be bound by the judgment of the Hon'ble Supreme Court in the Special Leave Petitions (SLPs) that were reportedly filed by the Revenue on the question of law raised in this appeal. No specific finding on the merits of the substantial question of law was recorded, as the appeal was disposed of based on the aforementioned joint submission and the pending Supreme Court decision.

What were the facts?

This appeal is filed by the Principal Commissioner of Income Tax and the Income Tax Officer (Revenue) against the order of the Income Tax Appellate Tribunal, Panaji Bench. The appeal challenges the Tribunal's order in ITA No.301/PNJ/2015 dated October 5, 2015. The assessee is Shri Basaweshwar Co-op Credit Society Ltd. The Revenue seeks to set aside the Tribunal's order and confirm the order passed by the Income Tax Officer. The High Court of Karnataka, Dharwad Bench, heard the appeal. Both parties made a joint submission that the issue involved in this appeal is covered by a previous judgment of the same High Court in ITA No.100029/2015.

What were the issues?

1. Whether the substantial question of law formulated in the appeal is to be decided in favor of the Revenue or the assessee, concerning the order passed by the Income Tax Appellate Tribunal in ITA No.301/PNJ/2015. Assessee's Contention: The assessee, through their counsel, made a joint submission with the Revenue that the issue involved in this appeal is covered by the judgment of the High Court in I.T.A.No.100029/2015. No specific arguments or reliance on authorities were recorded for the assessee beyond this joint submission. Revenue's Contention: The Revenue, through their counsel, also made a joint submission with the assessee that the issue involved in this appeal is covered by the judgment of the High Court in I.T.A.No.100029/2015. The Revenue's appeal is filed under Section 260A of the Income Tax Act, 1961, seeking to set aside the Tribunal's order and confirm the Income Tax Officer's order.

Which sections of the Income-tax Act were involved?

Section 260A

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF KARNATAKA, DHARWAD BENCH DATED THIS THE 26TH DAY OF SEPTEMBER, 2016 PRESENT THE HON’BLE MR. JUSTICE ASHOK B. HINCHIGERI AND THE HON’BLE MR. JUSTICE P.S. DINESH KUMAR I.T.A. No.100039/2016 BETWEEN: 1. The Principal Commissioner of Income Tax, Dr. B.R. Ambedkar Road, Belagavi. 2. The Income Tax Officer, Nipani, Dist: Belagavi. … Appellants (By Sri Y.V. Raviraj, Advocate) AND: Shri Basaweshwar Co-op Credit Society Ltd., Somwar Peth, Chikkodi, Dist. Belagavi. … Respondent (By Sri Sangram S. Kulkarni, Advocate) This I.T.A. is filed under Section 260A of the Income Tax Act, 1961 praying to formulate the substantial question of law stated above, allow the appeal and set aside the orders passed by the Income Tax Appellate Tribunal, Panaji Bench, Panaji in ITA No.301/PNJ/2015 dated 5.10.2015 and confirm the order passed by the Income Tax Officer, Nipani, in the interest of justice and equity.

2 This I.T.A. coming on for admission this day, P.S. Dinesh Kumar J, delivered the following: J U D G M E N T Sri Sangram S. Kulkarni, learned counsel accepts notice for respondent. 2. Sri Y.V. Raviraj, learned counsel for the Revenue and Sri Sangram S. Kulkarni, learned counsel for the respondent make a joint submission that the issue involved in this appeal is covered by the judgment of this Court in I.T.A.No.100029/2015. Their submission is placed on record. 3. Resultantly, this appeal is dismissed making it clear that the parties shall be bound by the judgment of the Hon’ble Supreme Court in the SLPs said to have been filed by the Revenue on the question of law raised in this appeal. Sd/- JUDGE Sd/- JUDGE MD

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