M/S ARYA VYSYA SRI KANNIKA vs. THE INCOME TAX OFFICER

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ITA/25/2019HC KarnatakaKAHC01031926201919 February 2021Bench: SATISH CHANDRA SHARMA,V SRISHANANDA2 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court noted that the learned counsel for the appellant had filed a Memo for withdrawal of the appeal. Consequently, the Court allowed the Memo and dismissed the appeal as withdrawn. The Court granted liberty to the appellant to file a fresh appeal in the future, should the need arise. No decision was made on the merits of the case, as the appeal was disposed of on the appellant's request for withdrawal. The specific findings of the ITAT or the reasoning behind them were not addressed by the High Court due to the withdrawal.

What were the facts?

The appellant, M/s. Arya Vysya Sri. Kannika Parameshwari Co-operative Society Limited, represented by its President, filed an appeal before the High Court of Karnataka against an order passed by the Income Tax Appellate Tribunal (ITAT), 'SMC-C' Bench, Bangalore. The ITAT's order, bearing ITA No. 2219/Bang/2018 dated 07.09.2018, pertained to the assessment year 2014-15. The appeal to the High Court was filed under Section 260-A of the Income Tax Act, 1961, challenging the findings of the ITAT to the extent they were against the appellant. The appellant sought to formulate and answer substantial questions of law in their favour.

What were the issues?

The High Court was to decide whether to formulate substantial questions of law and answer them in favour of the appellant, thereby allowing the appeal. The core of the appeal was to set aside the findings of the Income Tax Appellate Tribunal (ITAT) for the assessment year 2014-15. The appellant sought relief from the adverse findings of the ITAT. The judgment does not explicitly record the specific contentions of the appellant or the respondent (Income Tax Officer) before the High Court. However, the appellant's prayer indicates a disagreement with the ITAT's decision and a desire for it to be overturned. No specific provisions of the Income Tax Act are named in the context of the arguments presented to the High Court, other than the procedural Section 260-A under which the appeal was filed.

Which sections of the Income-tax Act were involved?

Section 260-A

AI-generated summary — verify with the full judgment below

1 IN THE HIGH COURT OF KARNATAKA, BENGALURU DATED THIS THE 19TH 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.25/2019 BETWEEN: M/S.ARYA VYSYA SRI.KANNIKA PARAMESHWARI CO-OPERATIVE SOCIETY LIMITED, REP. BY ITS PRESIDENT, T.G.RAMAKANTH, HULIYAR, CHIKKANAYAKANAHALLI TALUK, TIPTUR-572 218. …APPELLANT (BY SRI M.LAVA, ADVOCATE) AND: THE INCOME TAX OFFICER, WARD-1, JAYADEVA COMPLEX, RAILWAY STATION ROAD, TIPTUR-572 201. … RESPONDENT THIS APPEAL IS FILED UNDER SECTION 260-A OF THE INCOME TAX ACT 1961, PRAYING TO (1) FORMULATE THE SUBSTANTIAL QUESTION OF LAW AS STATED ABOVE AND ANSWER THE SAME IN FAVOUR OF THE APPELLANT AND TO ALLOW THE APPEAL (2) SET ASIDE THE FINDINGS TO THE EXTENT AGAINST THE APPELLANT IN THE ORDER PASSED BY THE INCOME TAX

2 APPELLATE TRIBUNAL, ‘SMC-C’ BENCH, BANGALORE IN ITA NO.2219/BANG/2018 DT.07.09.2018 FOR THE ASSESSMENT YEAR 2014-15 (ANNEXURE-A) (3) PASS SUCH OTHER SUITABLE ORDERS AS THIS HON’BLE COURT DEEMS FIT TO GRANT ON THE FACTS AND CIRCUMSTANCES OF THE CASE IN THE INTEREST OF JUSTICE AND EQUITY.

THIS APPEAL COMING ON FOR ORDERS THIS DAY, SATISH CHANDRA SHARMA J., DELIVERED THE FOLLOWING: JUDGMENT Learned counsel for the appellant has filed a Memo for withdrawal of the appeal.

The same is allowed. The appeal is dismissed as withdrawn.

The Memo be placed on record. Liberty is also granted to file a fresh appeal, in case need so arise in future. Sd/- JUDGE Sd/-

JUDGE bnv*

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