M/S MAHALAKSHMI CO-OPERATIVE BANK LTD vs. DEPUTY COMMISSIONER OF INCOME TAX

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ITA/684/2016HC KarnatakaKAHC01049334201626 March 2021Bench: ALOK ARADHE,M.G.S. KAMAL2 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court of Karnataka took the memo filed by the assessee on record. Based on the assessee's submission that the dispute has been settled under the 'Vivad se Vishwas' Scheme, the Court decided to dismiss the appeal as withdrawn. The judgment also granted liberty to the assessee to revive the appeal if the occasion arises. No specific findings were made on the merits of the case as the appeal was withdrawn.

What were the facts?

The appellant, M/s. Mahalakshmi Co-operative Bank Ltd., filed an appeal under Section 260-A of the Income Tax Act, 1961, before the High Court of Karnataka. The appeal challenged an order passed by the Income Tax Appellate Tribunal (ITAT), Bengaluru, in ITA No.266/BANG/2013, pertaining to the Assessment Year 2007-08. The dispute was between the assessee (Mahalakshmi Co-operative Bank Ltd.) and the revenue (Deputy Commissioner of Income Tax, Circle-1). The appeal sought to set aside the findings of the ITAT to the extent they were against the appellant.

What were the issues?

1. Whether the appeal filed by the assessee under Section 260-A of the Income Tax Act, 1961, should be allowed, and the order of the ITAT set aside to the extent it was against the assessee. Contentions: Assessee: The assessee's counsel filed a memo seeking leave to withdraw the appeal on the ground that the dispute has been settled under the 'Vivad se Vishwas' Scheme. Revenue: No specific arguments were recorded for the revenue in the judgment provided.

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 26TH DAY OF MARCH, 2021

PRESENT

THE HON’BLE MR. JUSTICE ALOK ARADHE

AND

THE HON’BLE MR. JUSTICE M.G.S. KAMAL

I.T.A. NO.684 OF 2016 BETWEEN:

M/S. MAHALAKSHMI CO-OPERATIVE BANK LTD. REP. BY ITS GENERAL MANAGER, SRI RAMAPPA B. KUNDAR, HO, I FLOOR, SHIVA KRUPA BUILDING, WEST BLOCK, MARUTHI VEETHIKA UDUPI-576 101. ...APPELLANT (BY SRI M.LAVA, ADVOCATE)

AND: DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1 AAYAKAR BHAVAN, ADIUDUPI, MALPE ROAD, UDUPI-576 103. …RESPONDENT (BY SRI DILEEP KUMAR, ADVOCATE FOR SRI K.V. ARAVIND, ADVOCATE)

THIS ITA IS FILED UNDER SECTION 260-A OF INCOME TAX APPEAL ACT 1961, PRAYING (i) TO FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW AS STATED ABOVE AND ANSWER THE SAME IN FAVOR OF THE APPELLANT (ii) TO ALLOW THE APPEAL AND SET ASIDE THE FINDINGS, TO THE EXTENT AGAINST THE APPELLANT, IN THE ORDER PASSED BY THE ITAT, BENGALURU IN ITA NO.266/BANG/2013 DATED:26/8/2016 RELATING TO ASSESSMENT YEAR 2007-08 AND ETC.,

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

JUDGMENT

Shri M.Lava, learned counsel for the assessee.

Shri Dileep Kumar, learned counsel for Shri K.V.Aravind, learned counsel for the revenue.

Learned counsel for the assessee has filed a memo seeking leave of this Court to withdraw the appeal on the ground that the dispute has been settled under the 'Vivad se Vishwas' Scheme.

The aforesaid memo is taken on record.

In the result, the appeal is dismissed as withdrawn with the liberty to revive the same, in case occasion so arises.

Sd/- JUDGE

Sd/- JUDGE

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