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ITA No. 60/2019
IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 23RD DAY OF JANUARY, 2023 PRESENT THE HON'BLE MR JUSTICE P.S.DINESH KUMAR AND THE HON'BLE MR JUSTICE G BASAVARAJA INCOME TAX APPEAL NO. 60 OF 2019
BETWEEN:
THE PR. COMMISSIONER OF INCOME-TAX, CIT (A) 5TH FLOOR, BMTC BUILDING 80 FEET ROAD, KORMANGALA BENGALURU-560 095.
THE ASST. COMMISSIONER OF INCOME-TAX, CIRCLE-3(1)(2) 2ND FLOOR, BMTC BUILDING 80 FEET ROAD, KORMANGALA BENGALURU-560 095. …APPELLANTS (BY SHRI. K.V. ARAVIND, SENIOR STANDING COUNSEL)
AND:
M/S HINDUSTHAN INFRASTRUCTURE PROJECTS AND ENGINEERING PVT. LTD. JUPITER INNOVATION CENTRE-54 RICHMOND ROAD BENGALURU-560 025. PAN: AAACR 8981Q. …RESPONDENT
(BY SMT. JINITHA CHATTERJEE, ADVOCATE FOR SHRI. S. PARTHASARATHI, ADVOCATE)
Digitally signed by YASHODHA N Location: HIGH COURT OF KARNATAKA
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ITA No. 60/2019
THIS ITA IS FILED UNDER SEC.260-A OF INCOME TAX ACT 1961, ARISING OUT OF ORDER DATED: 07/09/2018 PASSED IN ITA NO.1247/BANG/2018, FOR THE ASSESSMENT YEAR 2014-2015, PRAYING TO FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW STATED THEREIN AND ALLOW THE APPEAL BY SETTING ASIDE THE ORDERS PASSED BY THE INCOME TAX APPELLATE TRIBUNAL, BENGALURU IN ITA NO. 1247/BANG/2018 DATED: 07/09/2018 FOR ASSESSMENT YEAR 2014-2015 ANNEXURE-C AND CONFIRM THE ORDER OF THE APPELLATE COMMISSIONER CONFIRMING THE ORDER PASSED BY THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE-3(1)(2), BENGALURU AND ETC
THIS APPEAL, COMING ON FOR HEARING, THIS DAY, P.S.DINESH KUMAR, J., DELIVERED THE FOLLOWING:
JUDGMENT
This appeal by the Revenue challenging the order dated 07.09.2018 in ITA No.1247/Bang/2018 passed by the ITAT1, "C" Bench, Bangalore, has been admitted to consider the following question of law: “Whether on the facts and circumstances of the case and in law, the Tribunal was right in holding that the disallowance made by the assessing officer
1 Income tax Appellate Tribunal, Bengaluru Bench
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ITA No. 60/2019
under Section 14A of the Act is not warranted ignoring the fact that the assessee had investments which are capable of earning exempt income in the past as well as for the future years and ignoring CBDT Circular No.5/2014 dated 11.02.2014?”
Heard Shri K.V.Aravind, learned Senior Standing Counsel for the appellants-Revenue and Ms.Jinitha Chattergee, learned Advocate for the respondent-Assessee.
At the outset, Ms.Jinitha Chatterjee submits that issue involved in this appeal is covered by the decision of this Court in The Commissioner of Income Tax and another Vs. M/s. Quest Global Engineering Services Pvt. Ltd,2 holding the question of law in assessee’s favour.
The said submission is not disputed by Shri Aravind, in his usual fairness.
2 ITA No.133/2015 DD 15.02.2021
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ITA No. 60/2019
In view of the above, the following:
(i) Appeal is dismissed; (ii) The substantial question of law is answered in favour of the Assessee and against the Revenue.
No costs.
Sd/- JUDGE
Sd/- JUDGE
YN List No.: 1 Sl No.: 44