ITO WARD-3(2)(2), BANGALORE vs. M/S. SREE BHYRAVESHWARA CREDIT CO-OPERATIVE SOCIETY LTD., BANGALORE

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ITA 2062/BANG/2016Status: DisposedITAT Bangalore17 March 2017AY 2012-134 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the CIT(A) correctly followed the binding judgment of the Karnataka High Court. Since no stay was granted by the Supreme Court, the High Court's judgment remains binding.

What were the facts?

The Revenue appealed against the order of the CIT(A) for AY 2012-13. The Revenue argued that an SLP was admitted by the Supreme Court in a similar case, but no stay was granted.

What were the issues?

Whether the CIT(A) order is valid when the Supreme Court has admitted an SLP but not granted a stay on the High Court's binding judgment.

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, SMC, BANGALORE BENCH ‘C’

For Appellant: Shri A.R.V Sreenivasan, JCIT
For Respondent: Shri Pradip Kumar Jain, C.A Date of Hearing : 13-3-2017

PER SHRI AK GARODIA, ACCOUNTANT MEMBER :

1.

This appeal is filed by the assessee which is directed against the order of learned Commissioner of Income-tax (Appeals) – 3, Bangalore dated 30/9/2016 for assessment years 2012-13.

2.

The grounds raised by the Revenue are as under:

3.

The ld DR for the Revenue supported the assessment order. He also submitted that SLP filed before the Hon’ble Apex Court in the case of CIT Vs. Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha has been admitted by the Hon’ble Apex Court as per the judgment reported in 234 taxman 772 (SC). He submitted a copy of the judgment of Hon’ble Apex court. At this juncture, a query was raised as to whether the Hon’ble Apex Court has stayed the operation of this judgment of Hon’ble High Court. He fairly conceded that no stay was granted by Hon’ble Apex Court.

4.

The ld AR of the assessee supported the order of the ld CIT(A) as per which he has followed the binding judgment of Hon’ble Karnataka High Court rendered in the case of Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha (Supra) as reported in 369 ITR 86 (Kar).

5.

I have considered rival submissions. I find that ld CIT(A) has followed the binding judgment of Hon’ble Karnataka High Court rendered in the case of Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha (Supra). As per ld DR for the Revenue, SLP has been granted by the Hon’ble Apex Court vide judgment dated 6/1/2015 but this is also true that stay has not been granted by Hon’ble Apex Court regarding operation of this judgment of Hon’ble Karnataka High Court and, therefore, this judgment of Hon’ble Karnataka High Court still holds the field and same is binding on me. Therefore, I find no reason to interfere in the order of the ld CIT(A).

6.

In the result, the appeal of the Revenue is dismissed.

Order pronounced in the open court on 17th March, 2017.

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