THE COMMISSIONER OF INCOME TAX vs BANK MUSCAT S A O G

1 IN THE HIGH COURT OF KARNATAKA, BANGALORE

DATED THIS THE 16TH DAY OF OCTOBER, 2012

PRESENT

THE HON'BLE MR. JUSTICE K.SREEDHAR RAO

AND

THE HON'BLE MR. JUSTICE B.V.PINTO

I.T.A. No.345 OF 2007 C/w. I.T.A.No.346/2007

I.T.A. No.345 OF 2007:- BETWEEN:-

The Commissioner of Income Tax, Central Circle, C.R. Building, Queens Road, Bangalore.

The Asst. Commissioner of Income Tax (Intl. Taxn.), Circle-19(1), Bangalore. Appellants (By Sri K.V.Aravind, Advocate)

AND:-

Bank Muscat S.A.O.G., P.O. Box No.134, P.C.112, Ruwi, Sultanate of Oman. Respondent (By Sri K.S. Ramabhadran, Advocate)

This I.T.A. is filed U/s.260-A of I.T. Act, 1961 arising out of order dated 09.11.2006 passed in I.T.A.No.3685/Bang/2004, for the Assessment Year 2001- 2002, 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 of the ITAT, Bangalore in ITA No.3685/Bang/2004 dated 09.11.2006 and confirm the order passed by the Assistant Commissioner of Income Tax, (Intl. Taxn.), Circle-19(1), Bangalore, in the interest of justice and equity.

I.T.A. No.346 OF 2007:-

BETWEEN:-

The Commissioner of Income Tax, Central Circle, C.R. Building, Queens Road, Bangalore.

The Asst. Commissioner of Income Tax (Intl. Taxn.), Circle-19(1), Bangalore. Appellants (By Sri K.V.Aravind, Advocate)

AND:-

Bank Muscat S.A.O.G., P.O. Box No.134, P.C.112, Ruwi, Sultanate of Oman. Respondent (By Sri K.S. Ramabhadran, Advocate)

This I.T.A. is filed U/s.260-A of I.T. Act, 1961 arising out of order dated 09.11.2006 passed in

3 I.T.A.No.3686/Bang/2004, for the Assessment Year 2002- 2003, 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 of the ITAT, Bangalore in ITA No.3686/Bang/2004 dated 09.11.2006 and confirm the order passed by the Assistant Commissioner of Income Tax, (Intl. Taxn.), Circle-19(1), Bangalore, in the interest of justice and equity.

These appeals are coming on for final hearing this day, SREEDHAR RAO, J., delivered the following:

J U D G M E N T In similar matter, the Supreme Court in the case of Commissioner of Income Tax Vs. Tulsyan Nect Ltd. reported in (2011) 330 ITR 226 has answered the question of law against the Revenue. Accordingly, these appeals are dismissed.

Sri K.S. Ramabhadran is permitted to file memo of appearance for Respondent within two weeks.

Sd/- JUDGE

Sd/- JUDGE NM*

THE COMMISSIONER OF INCOME TAX vs. BANK MUSCAT S A O G