THE COMMISSIONER OF INCOME TAX (CENTRAL), NAGPUR vs. M/S. KASLIWAL VISHWA, AURANGABAD

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ITA/37/2014HC BombayHCBM03017078201419 January 2015Bench: HON'BLE SHRI JUSTICE A.V. NIRGUDE,HON'BLE SHRI JUSTICE V.K. JADHAV3 pages
AI SummaryDismissed

What did the High Court hold?

The High Court held that the impugned judgment was in consonance with the law laid down by the High Court in the case of The Commissioner of Income Tax Vs. Happy Home Enterprises, (2014) 271 CTR (Bom) 524. The Court found that the present appeals did not give rise to any substantial question of law. Therefore, the appeals were dismissed. The reasoning is based on the precedent established in the Happy Home Enterprises case, which presumably dealt with similar factual circumstances regarding housing projects approved before March 31, 2005, and the taxability of profits derived therefrom. The ratio decidendi is that if a matter is covered by a binding precedent of the same court, and no substantial question of law arises, the appeal should be dismissed.

What were the facts?

The appeals were filed by the Commissioner of Income-Tax (Central), Nagpur, against M/s. Kasliwal Developers and M/s. Kasliwal Vishwa, both of Aurangabad. The respondent assessees had offered profits to tax for various Assessment Years concerning a housing project they developed. Approval for this project was obtained from local authorities before March 31, 2005. The impugned judgment under challenge was delivered by the High Court of Judicature at Bombay, Bench at Aurangabad.

What were the issues?

1. Whether the impugned judgment of the High Court is in consonance with the law laid down by the High Court in the case of The Commissioner of Income Tax Vs. Happy Home Enterprises, (2014) 271 CTR (Bom) 524. Assessee's Contention: The judgment is in consonance with the law laid down by the High Court in the cited case. Revenue's Contention: The revenue argued that the appeals raised substantial questions of law, implying disagreement with the High Court's decision.

AI-generated summary — verify with the full judgment below

1 ITA33.2014 IN THE HIGH COURT OF JUDICATURE AT BOMBAY BENCH AT AURANGABAD INCOME TAX APPEAL NO. 33 OF 2014 Commissioner of Income-Tax (Central), Nagpur. .. Appellant Versus M/s. Kasliwal Developers, Aurangabad.

.. Respondent ALONG WITH INCOME TAX APPEAL NO. 34 OF 2014 Commissioner of Income-Tax (Central), Nagpur. .. Appellant Versus M/s. Kasliwal Vishwa, Aurangabad. .. Respondent ALONG WITH INCOME TAX APPEAL NO. 35 OF 2014 Commissioner of Income-Tax (Central), Nagpur. .. Appellant Versus M/s. Kasliwal Vishwa, Aurangabad. .. Respondent ALONG WITH INCOME TAX APPEAL NO. 36 OF 2014

2 ITA33.2014 Commissioner of Income-Tax (Central), Nagpur. .. Appellant Versus M/s. Kasliwal Vishwa, Aurangabad. .. Respondent ALONG WITH INCOME TAX APPEAL NO. 37 OF 2014 Commissioner of Income-Tax (Central), Nagpur. .. Appellant Versus M/s. Kasliwal Vishwa, Aurangabad. .. Respondent ----------- In all cases: Mr Alok Sharma, Advocate for the appellant Mr Anil S. Bajaj, Advocate with Ms Ankita Sethiya, Advocate & Mr Harshwardhan Bajaj, Advocate for respondent ----------- CORAM : A.V. NIRGUDE & V. K. JADHAV, JJ. DATED: JANUARY 19TH, 2015 PER COURT :- 1. Heard learned counsel for respective parties. In these cases, the respondent has offered its profit to tax for various Assessment Years in respect of a housing project, which they developed for which approval was given by the local

3 ITA33.2014 authorities before 31st March, 2005. In this factual background, the impugned judgment appears to be in consonance with the law laid down by this Court in the case of The Commissioner of Income Tax Vs. Happy Home Enterprises, (2014) 271 CTR (Bom) 524. The present appeals do not give rise of any substantial question of law. The appeals stand dismissed. [ V.K. JADHAV, J. ] [ A.V. NIRGUDE, J. ] sgp

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