M/S SHRIRAM CHITS (KARNATAKA) PVT LTD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

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ITA/68/2012HC KarnatakaKAHC01013194201225 June 2020Bench: ALOK ARADHE,M.NAGAPRASANNA2 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court noted that the learned counsel for the assessee sought leave to withdraw the appeal. Accordingly, the High Court dismissed the appeal as withdrawn. No decision was made on the merits of the substantial questions of law that were to be formulated. The operative direction was to dismiss the appeal as withdrawn.

What were the facts?

The appellant, M/s Shriram Chits (Karnataka) Pvt. Ltd., filed an appeal before the High Court of Karnataka against an order passed by the Income Tax Appellate Tribunal (ITAT). The assessment year in question is 2005-06. The appeal was filed under Section 260-A of the Income Tax Act, 1961, challenging the ITAT's order in ITA No.1386(Bang)/2010. The revenue was represented by the Assistant Commissioner of Income Tax, Circle-12(3), Bangalore. The High Court was to consider the substantial questions of law formulated in the appeal.

What were the issues?

The High Court was to decide the substantial questions of law formulated in the appeal. The appellant sought to allow the appeal and set aside the impugned order of the ITAT. The judgment does not record specific arguments made by either the assessee or the revenue regarding the substantial questions of law. It only states that the learned counsel for the assessee sought leave to withdraw the appeal.

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 25TH DAY OF JUNE, 2020

PRESENT

THE HON’BLE MR. JUSTICE ALOK ARADHE

AND

THE HON’BLE MR. JUSTICE M.NAGAPRASANNA

I.T.A. NO.68 OF 2012 BETWEEN:

M/S SHIRAM CHITS (KARNATAKA) PVT. LTD., NO.259/31, FIRST FLOOR, 10TH CROSS, WILSON GARDEN, BANGALORE, REPRESENTED BY ITS EXECUTIVE DIRECTOR, SRI RONALD D’SOUZA, AGED ABOUT 50 YEARS. …APPELLANT

(BY SRI BALARAM R RAO, ADVOCATE FOR SRI RAMABADRAN, ADVCOATE)

AND: THE ASSISTANT COMMISSSIONER OF INCOME TAX, CIRCLE-12(3), BANGALORE. ... RESPONDENT

(BY SRI E.I.SANMATHI, ADVOCATE)

THIS ITA FILED UNDER SECTION 260-A OF I.T.ACT, 1961, ARISING OUT OF ORDER DATED 31/10/2011 PASSED IN ITA NO.1386(BANG)/2010, FOR THE ASSESSMENT YEAR 2005-06, PRAYING THAT THIS HON’BLE COURT MAY BE PLEASED TO: I. FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW STATED THEREIN, II. ALLOW THE APPEAL AND SET ASIDE THE IMPUGED ORDER OF THE ITAT PASSED IN ITA NO.1386/BANG/2010, IN THE INTEREST OF JUSTICE AND EQUITY.

THIS ITA COMING ON FOR HEARING, THIS DAY, ALOK ARADHE J., DELIVERED THE FOLLOWING:

JUDGMENT

Sri Balaram R Rao, learned counsel for the assessee. Sri E I Sanmathi, learned counsel for the revenue. Learned counsel for the assessee seeks leave of this Court to withdraw the appeal. Accordingly, the same is dismissed as withdrawn.

Sd/- JUDGE

Sd/- JUDGE

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