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NC: 2024:KHC:32506-DB ITA No. 669 of 2023
IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 12TH DAY OF AUGUST, 2024 PRESENT THE HON'BLE MR JUSTICE S.G.PANDIT AND THE HON'BLE MR JUSTICE C.M. POONACHA INCOME TAX APPEAL NO. 669 OF 2023 BETWEEN:
PR. COMMISSIONER OF INCOME TAX-1, BMTC COMPLEX, KORMANGALA, BANGALORE
THE DEPUTY COMMISSIONER INCOME TAX, CIRCLE -1(1)(1), BMTC BUILDING, KORAMANGALA, BANGALORE. …APPELLANTS (BY SRI SANMATHI E I., ADVOCATE) AND:
M/S ALLSTATE INDIA PRIVATE LIMITED 7TH FLOOR, BUILDING NO.1, RMZ ECO WORLD, BELLANDUR SO DEVARABESANHALLI, VARTHUR HOBLI, BENGALURU - 560103. …RESPONDENT
THE APPELLANT HAS FILED THE ABOVE ITA / INCOME TAX APPEAL UNDER SEC.260-A OF INCOME TAX ACT 1961, ARISING OUT OF ORDER DATED 31/05/2023 PASSED IN ITA NO. 257/BANG/2023, FOR THE ASSESSMENT YEAR 2018-2019
Digitally signed by BHARATHI S Location: HIGH COURT OF KARNATAKA
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NC: 2024:KHC:32506-DB ITA No. 669 of 2023
PRAYING TO: (1) DECIDE THE FOREGOING QUESTION OF LAW AND/OR SUCH OTHER QUESTIONS OF LAW AS MAY BE FORMULATED BY THE HONBLE COURT AS DEEMED FIT AND SET ASIDE THE APPELLATE ORDER DATED 31/05/2023 PASSED BY THE INCOME TAX APPELLATE TRIBUNAL, B BENCH, BANGALORE, AS SOUGHT FOR, IN THE RESPONDENT - ASSESSEES CASE, IN APPEAL PROCEEDINGS IN ITA NO.257/BANG/2023 (ANNEXURE A) FOR A.Y. 2018-2019 (ANNEXURE A).
THIS APPEAL, COMING ON FOR ORDERS, THIS DAY, JUDGMENT WAS DELIVERED THEREIN AS UNDER: CORAM: HON'BLE MR JUSTICE S.G.PANDIT AND HON'BLE MR JUSTICE C.M. POONACHA ORAL JUDGMENT (PER: HON'BLE MR JUSTICE S.G.PANDIT)
This appeal is filed questioning the order dated 31.05.2023 passed by the Income Tax Appellate Tribunal, 'B' Bench, Bengaluru in ITA No.257/Bang/2023 (Annexure-A). The appeal was admitted to examine the following substantial questions of law raised in the appeal: i) Whether on the facts and on the circumstances of the case, the Tribunal was justified in holding that interest income earned from surplus funds parked in FD's of bank are eligible for deduction under Section 10AA of the Act by following decision of this
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NC: 2024:KHC:32506-DB ITA No. 669 of 2023
Hon'ble Court in case of CIT Vs. Hewlett Packard Soft Ltd? ii) Whether the Tribunal was right in law in not appreciating that interest income earned from bank deposits are not derived from export activity of assessee and as such, conditions for granting relief under Section 10AA are not satisfied in present case of facts?"
On going through the appeal papers, it is seen that identical questions of law are decided by the Full Bench of this Court in the case of CIT Vs. Hewlett Packard Soft Limited reported in (2017) 87 taxmann.com 182. 3. As the questions of law raised in this appeal are already answered by the Full Bench of this Court in the decision referred supra, this appeal stands dismissed in terms of the above referred decision.
Sd/- (S.G.PANDIT) JUDGE
Sd/- (C.M. POONACHA) JUDGE
DH List No.: 1 Sl No.: 18