THE COMMISSIONER OF INCOME TAX vs. M/S MIND TREE LTD

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ITA/50/2013HC KarnatakaKAHC01015194201317 August 2020Bench: ALOK ARADHE,H.T. NARENDRA PRASAD3 pages
AI SummaryDismissed

What did the High Court hold?

The High Court held that the substantial question of law was answered against the revenue by the Supreme Court in the case of Commissioner of Income-Tax Vs. Yokogawa India Ltd. Therefore, the appeal was dismissed.

What were the facts?

The revenue appealed against an ITAT order that allowed deduction under Section 10B without setting off brought forward business loss and unabsorbed depreciation. The High Court admitted the appeal on a substantial question of law.

What were the issues?

Whether deduction under Section 10B should be computed after setting off brought forward business loss and unabsorbed depreciation, considering amendments to Section 10B(1).

Which sections of the Income-tax Act were involved?

Section 10B,Section 260-A

AI-generated summary — verify with the full judgment below

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

DATED THIS THE 17TH DAY OF AUGUST 2020

PRESENT

THE HON’BLE MR. JUSTICE ALOK ARADHE

AND

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

I.T.A. NO.50 OF 2013

BETWEEN:

1.

THE COMMISSIONER OF INCOME-TAX

LTU, JSS TOWERS, BSK III STAGE

BANGALORE.

2.

THE ASST. COMMISSIONER OF INCOME-TAX

CIRCLE-12(1), JSS TOWERS, BSK III STAGE

BANGALORE-560085. ... APPELLANTS (BY SRI. M. DILIP, A/W SRI. K.V. ARAVIND, ADVS.)

AND:

M/S. MIND TREE LTD. (FORMERLY M/S. MIND TREE CONSULTING PRIVATE LTD.), GLOBAL VILLAGE RVCE POST, MYLASANDRA MYSORE ROAD, BANGALORE. ... RESPONDENT (BY SRI. CHYTHANYA K.K. ADV.) - - -

THIS I.T.A. IS FILED UNDER SECTION 260-A OF I.T. ACT, 1961, ARISING OUT OF ORDER DATED 14-09-2012

PASSED IN ITA NO.1204/BANG/2011, FOR THE ASSESSMENT YEAR 2005-06 PRAYING TO: I. FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW STATED THEREIN. II. ALLOW THE APPEAL AND SET ASIDE THE ORDER OF THE ITAT, BANGALORE IN ITA NO.1204/BANG/2011 DATED 14/9/2012 CONFIRMING THE ORDER OF THE APPELLATE COMMISSIONER AND CONFIRM THE ORDER PASSED BY THE ASSISTANT COMMISSIONER OF INCOME TAX OFFICER, CIRCLE-12(1), BANGALORE, IN THE INTEREST OF JUSTICE AND EQUITY.

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

JUDGMENT

Mr.K.V.Aravind, learned counsel along with Mr.M.Dilip, learned counsel for the revenue. Mr.Chythanya K.K., 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 which was admitted by a Bench of this Court vide order dated 30.05.2013 on the following substantial question of law: “Whether the Tribunal was correct in holding that the deduction u/s. 10B of the Act, is to be computed without setting off of brought

forward business loss and unabsorbed depreciation without taking into consideration the amendment to Section 10B(1) w.e.f. 01.04.2001 and recorded a perverse finding.”

3.

When the matter was taken up today, learned counsel for the revenue fairly submitted that the substantial question of law has been answered against the revenue by the Supreme Court in ‘COMMISSIONER OF INCOME-TAX Vs. YOKOGAWA INDIA LTD.’

(2017) 291 CTR 1 (SC).

4.

In view of the aforesaid enunciation of law, the substantial question of law framed in this appeal is answered against the revenue and in favour of the assessee. In the result, the appeal is dismissed.

Sd/- JUDGE

Sd/- JUDGE

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