THE COMMISSIONER OF INCOME-TAX vs. M/S KIRLOSKAR INVESTMENTS & FINANCE LTD

1 IN THE HIGH COURT OF KARNATAKA AT BANGALORE DATED THIS THE 05TH DAY OF NOVEMBER 2012 PRESENT THE HON'BLE MR. JUSTICE K.SREEDHAR RAO AND THE HON'BLE MR. JUSTICE B.V.PINTO ITA No.463/2007 BETWEEN: 1 THE COMMISSIONER OF INCOME TAX, C.R.BUILDING, QUEENS ROAD, BANGALORE. 2 THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), C.R. BUILDING, QUEENS ROAD, BANGALORE. APPELLANTS (BY SRI K.V. ARAVIND, ADVOCATE) AND: M/S. KIRLOSKAR INVESTMENTS & FINANCE LTD., II FLOOR, C BLOCK, UNITY BUILDING, J.C.ROAD,

2 BANGALORE. RESPONDENT (BY SRI K.S. JAYARAM, O.L.) This ITA is filed u/S.260-A of I.T.Act, 1961 arising out of Order dated 30-11-2006 passed in ITA No. 12/Bang/2005 for the Assessment Year 1999-00, praying that this Hon'ble Court may be pleased to: (i) formulate the substantial questions of law stated therein and (ii) allow the appeal and set aside the order passed by the ITAT, Bangalore in ITA No.12/Bang/2005 dated 30-11-2006 & confirm the order of the Appellate Commissioner confirming the order passed by the Asst. Commissioner of Income Tax, Circle- 2(2), Bangalore, in the interest of justice and equity. This appeal is coming on for final hearing this day, SREEDHAR RAO, J., delivered the following: JUDGMENT Registry is directed to show the name of Sri K.S.Jayaram–Official liquidator for the respondent. 2. This court in I.T.A.No.3046/2005 has set aside the order in respect of the assessee in question for earlier assessment years and remanded the matter to the Assessing Officer for fresh assessment. For the similar reasons explained in I.T.A.No.3046/2005 this appeal is also partly allowed. The order is set aside. The matter is remanded to the Assessing Officer for fresh assessment.

3 Sri K.S. Jayaram, the official Liquidator is permitted to file memo of appearance within four weeks. Sd/- JUDGE Sd/- JUDGE psg*