THE COMMISSIONER OF INCOME -TAX vs. M/S CANARA BANK

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ITA/362/2016HC KarnatakaKAHC01031291201609 October 2020Bench: ALOK ARADHE,H.T. NARENDRA PRASAD4 pages
AI SummaryDismissed

What did the High Court hold?

The High Court held that the substantial questions of law were already answered in favour of the assessee by a previous judgment. Therefore, the appeal filed by the Revenue was dismissed.

What were the facts?

The Revenue appealed against an ITAT order that held Section 115JA was not applicable to the assessee. The High Court admitted the appeal to consider substantial questions of law regarding the applicability of book profit tax and the admission of fresh grounds of appeal.

What were the issues?

Whether Section 115JA (tax on book profits) was applicable to the assessee and whether the Tribunal correctly admitted fresh grounds of appeal.

Which sections of the Income-tax Act were involved?

Section 115JA,Section 260-A

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF KARNATAKA AT BENGALURU

DATED THIS THE 9TH DAY OF OCTOBER 2020

PRESENT

THE HON’BLE MR. JUSTICE ALOK ARADHE

AND

THE HON’BLE MR. JUSTICE H.T.NARENDRA PRASAD

I.T.A. NO.362 OF 2016

BETWEEN:

1.

THE COMMISSIONER OF INCOME-TAX

LTU, JSS TOWERS

BSK III STAGE, BANGALORE-560085.

2.

THE ASST. COMMISSIONER OF INCOME-TAX

LTU, CIRCLE-(11-2), JSS TOWERS

BSK III STAGE, BANGALORE-560085.

... APPELLANTS (BY SRI. K.V. ARAVIND, ADV.)

AND:

M/S. CANARA BANK 112, J.C. ROAD BANGALORE-560004. ... RESPONDENT (BY SRI. T. SURYANARAYANA, ADV.) - - -

THIS I.T.A. IS FILED UNDER SECTION 260-A OF I.T.ACT, 1961, ARISING OUT OF ORDER DATED 30-09-2015 PASSED IN ITA NO.73/BANG/2005, FOR THE ASSESSMENT YEAR 1999-2000, PRAYING TO:

I. FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW STATED ABOVE. II. ALLOW THE APPEAL AND SET ASIDE THE ORDERS PASSED BY THE ITAT, BENGALURU IN ITA NO.73/BANG/2005 DATED 30-09-2015 CONFIRMING THE ORDER OF THE APPELLATE COMMISSIONER AND CONFIRM THE ORDER PASSED BY THE ASST. COMMISSIONER OF INCOME TAX, LTU, BENGALURU.

THIS I.T.A. COMING ON FOR FINAL HEARING, THIS DAY, ALOK ARADHE J., DELIVERED THE FOLLOWING:

JUDGMENT

Mr.K.V.Aravind, learned counsel for the revenue. Mr.T.Suryanarayana, learned counsel for the assessee.

2.

This appeal under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’, for short) has been preferred by the revenue. The subject matter of the appeal pertains to the Assessment Year 1999-2000. The appeal was admitted by a Bench of this Court on 11.10.2017 to consider the following substantial questions of law:

1.

Whether the Tribunal was correct in deciding that levy of tax on book profits u/s. 115JA was not applicable to the assessee?

2.

Whether the Tribunal was correct in admitting fresh ground of appeal when such grounds were not before them in the revenue’s appeal?

3.

When the matter was taken up today, learned counsel for the assessee submitted that the aforesaid questions of law have already been answered in favour of the assessee vide judgment dated 16.01.2020 passed in ITA No.18/2014 and connected matters. The aforesaid position could not be disputed by the learned counsel for the revenue.

4.

In view of the aforesaid submissions and for the reasons assigned by a Bench of this Court vide judgment dated 16.01.2020 passed in ITA No.18/2014 and connected matters, the substantial questions of law

framed in this appeal are answered against the revenue and in favour of the assessee. In the result, the appeal fails and is dismissed.

Sd/- JUDGE

Sd/- JUDGE

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