THE PR. COMMISSIONER OF vs. M/S MANGALORE CATHOLIC

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ITA/445/2017HC KarnatakaKAHC01032402201722 November 2017Bench: L.NARAYANA SWAMY (AG.CJ),P.S.DINESH KUMAR2 pages
AI SummaryDismissed

What did the High Court hold?

The High Court of Karnataka dismissed the appeal filed by the Revenue. The Court noted the submission made by the Revenue's counsel that the issue raised in the present appeal had been decided against the Revenue by this Court in the case of CIT v. Canfin Homes Ltd. [(2012) 347 ITR 382 (Karn)]. Based on this concession and the precedent set by the Court, the appeal was accordingly dismissed. No specific question of law was formulated or decided on merits, as the appeal was disposed of on the basis of the prior ruling. The operative direction was to dismiss the appeal.

What were the facts?

This appeal was filed by the Principal Commissioner of Income Tax and the Assistant Commissioner of Income Tax (the Revenue) against an order dated 03.02.2017 passed by the Income Tax Appellate Tribunal (ITAT), Bengaluru, in ITA.No.857/BANG/2016. The appeal pertains to the assessment year 2012-13 and challenges the ITAT's decision concerning M/s. Mangalore Catholic Co-operative Bank Ltd. (the Assessee). The Revenue sought to formulate substantial questions of law and set aside the ITAT's order. The appeal was presented before the High Court of Karnataka at Bengaluru.

What were the issues?

1. Whether the ITAT's order dated 03.02.2017 for assessment year 2012-13 is sustainable in law? Assessee's Contention: The judgment does not record any specific contentions made by the Assessee. The Assessee is represented by counsel. Revenue's Contention: The learned counsel appearing for the appellants (Revenue) fairly submits that the question raised in this appeal has already been answered against the appellants by this Court in the case of CIT v. Canfin Homes Ltd. [(2012) 347 ITR 382 (Karn)].

Which sections of the Income-tax Act were involved?

Section 260-A

AI-generated summary — verify with the full judgment below

ITA No.445/2017

-1- IN THE HIGH COURT OF KARNATAKA AT BENGALURU

DATED THIS THE 22ND DAY OF NOVEMBER 2017

PRESENT

THE HON’BLE MR.H.G.RAMESH ACTING CHIEF JUSTICE

AND

THE HON’BLE MR. JUSTICE P.S.DINESH KUMAR INCOME TAX APPEAL NO.445/2017

BETWEEN :

1.

THE PR. COMMISSIONER OF INCOME TAX, CIT(A) C.R.BUILDING, ATTAVARA MANGALURU-575 001

2.

THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE-2(1) C.R.BUILDING, ATTAVARA MANGALURU-575 001

...APPELLANTS

(BY SRI K.V.ARAVIND, ADVOCATE)

AND :

M/S.MANGALORE CATHOLIC CO-OPERATIVE BANK LTD., HO, 14-6-686 ST.ALOYSIUS COLLEGE ROAD MANGALURU-575 001

...RESPONDENT

(BY SRI BALARAM R. RAO, ADVOCATE)

THIS INCOME TAX APPEAL IS FILED UNDER SECTION 260-A OF THE INCOME TAX ACT, 1961, PRAYING TO FORMULATE THE SUBSTANTIAL QUESTION OF LAW AND TO SET ASIDE THE ORDER DATED 03.02.2017 IN ITA.NO.857/BANG/2016

ITA No.445/2017

-2- FOR THE ASSESSMENT YEAR 2012-13 PASSED BY THE ITAT, BENGALURU.

THIS INCOME TAX APPEAL COMING ON FOR ADMISSION, THIS DAY, THE ACTING CHIEF JUSTICE DELIVERED THE FOLLOWING:

JUDGMENT

Ag.CJ (Oral):

Learned counsel appearing for the appellants fairly submits that the question raised in this appeal is answered against the appellants by this Court in CIT v. Canfin Homes Ltd.[(2012) 347 ITR 382 (Karn)]. The appeal is accordingly dismissed.

Appeal dismissed.

Sd/-

ACTING CHIEF JUSTICE

Sd/-

JUDGE

bkv

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