THE PR COMMISSIONER OF INCOME TAX CIT (A) vs. M/S EXIDE LIFE INSURANCE CO LTD

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ITA/115/2020HC KarnatakaKAHC01019989202004 February 2021Bench: SATISH CHANDRA SHARMA,V SRISHANANDA2 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court of Karnataka allowed the prayer made by the learned counsel for the appellants (Revenue) to withdraw the appeal. The appeal was accordingly dismissed as withdrawn. The appellants were granted liberty to seek revival of the appeal if the need arises. No decision was made on the merits of the case, as the appeal was withdrawn before any substantive arguments or findings could be recorded by the High Court. The ITAT's order, which confirmed the orders of the Appellate Commissioner and the Deputy Commissioner of Income-Tax for Assessment Year 2015-2016, therefore, remains undisturbed by this High Court order.

What were the facts?

The appellants, the Principal Commissioner of Income Tax and the Deputy Commissioner of Income-Tax, filed an appeal under Section 260-A of the Income Tax Act, 1961, before the High Court of Karnataka. The appeal arose from an order dated December 13, 2019, passed by the Income Tax Appellate Tribunal (ITAT), Bengaluru Bench, in ITA No. 1006/Bang/2019. This order was for the Assessment Year 2015-2016 and had confirmed the order of the Appellate Commissioner, which in turn had confirmed the order of the Deputy Commissioner of Income-Tax. The respondent in this appeal is M/s Exide Life Insurance Co. Ltd.

What were the issues?

1. Whether the substantial questions of law, if any, are to be formulated for deciding the appeal. Assessee's Contentions: The judgment does not record any specific contentions made by the assessee. Revenue's Contentions: The revenue, through their learned counsel, filed a memo dated 04.02.2021 seeking withdrawal of the appeal. They requested liberty to seek revival of the appeal if the need arises. The revenue's primary objective was to have the ITAT's order set aside and to confirm the orders of the lower authorities.

Which sections of the Income-tax Act were involved?

Section 260-A

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF KARNATAKA AT BENGALURU

DATED THIS THE 4TH DAY OF FEBRUARY, 2021

PRESENT

THE HON’BLE MR. JUSTICE SATISH CHANDRA SHARMA

AND

THE HON’BLE MR. JUSTICE V. SRISHANANDA

I.T.A. NO.115/2020

BETWEEN

1.

THE PR. COMMISSIONER OF

INCOME TAX CIT, (A)

5TH FLOOR, BMTC BUILDING,

6TH BLOCK, 80 FEET ROAD,

KORAMANGALA,

BENGALURU -560 095.

2.

THE DEPUTY COMMISSIONER OF

INCOME-TAX, CIRCLE-2(1)(2)

2ND FLOOR, BMTC BUILDING,

6TH BLOCK, 80 FEET ROAD,

KORAMANGALA,

BENGALURU-560 095

…APPELLANTS

(BY SRI ARAVIND K V, ADVOCATE)

AND M/S EXIDE LIFE INSURANCE CO. LTD.

3RD FLOOR,JP TECHNO PARK, NO.3/1, MILLERS ROAD, BANGALORE-560 001 PAN NO.AAAC17940L

…RESPONDENT

(BY SMT.TANMAYEE RAJKUMAR, ADVOCATE) - - -

THIS I.T.A. IS FILED UNDER SEC. 260-A OF INCOME TAX ACT 1961, ARISING OUT OF ORDER DATED 13.12.2019 PASSED IN ITA NO.1006/BANG/2019, FOR THE ASSESSMENT YEAR 2015- 2016 PRAYING TO (1)FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW, (2) ALLOW THE APPEAL AND SET ASIDE THE ORDERS PASSED BY THE INCOME TAX APPELLATE TRIBUNAL, BENGALURU IN ITA NO. 1006/BANG/2019 DATED 13.12.2019 FOR ASSESSMENT YEAR 2015-2016 ANNEXURE-C CONFIRMING THE ORDER OF THE APPELLATE COMMISSIONER AND CONFIRM THE ORDER PASSED BY THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(2), BENGALURU.

THIS I.T.A. COMING ON FOR ORDERS THIS DAY THROUGH PHYSICAL HEARING/VIDEO CONFERENCE THIS DAY, SATISH CHANDRA SHARMA, J., DELIVERED THE FOLLOWING: JUDGMENT

Learned counsel for the appellants has filed a memo dated 04.02.2021 seeking withdrawal of the appeal with liberty to the appellants to seek revival of this appeal, if need arises. The prayer is allowed.

The appeal is dismissed as withdrawn with the liberty as prayed for .

Sd/- JUDGE

Sd/- JUDGE

KGR*

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