THE COMMISSIONER OF INCOME TAX vs. M/S KAREEM SILK INTERNATIONAL LTD

1 IN THE HIGH COURT OF KARNATAKA, BANGALORE DATED THIS THE 13TH DAY OF AUGUST, 2012 PRESENT THE HON'BLE MR. JUSTICE K.SREEDHAR RAO AND THE HON'BLE MR. JUSTICE B.MANOHAR I.T.A. No.787/2006 C/W. I.T.A. No.788/2006 I.T.A. No.787/2006:- BETWEEN:- 1. The Commissioner of Income Tax, # 55/1, Shilpashree, Vidyaranya Complex, Vishveshwarapuram, Mysore. 2. The Joint Commissioner of Income Tax, Assessment, Special Range, # 55/1, Shilpashree, Vidyaranya Complex, Vishveshwarapuram, Mysore. Appellants (By Sri E. Sanmathi Indra Kumar, Advocate) AND:- M/s. Kareems Silk International Ltd., No.6B and 7,

2 Industrial Area, Mysore. Respondent (By Sri A. Shankar & Sri M. Lava, Advocates) This I.T.A. is filed U/s.260-A of I.T. Act, 1961 arising out of Order dated 19.10.2005 passed in ITA No.1469/Bang/2002 for the Assessment Year 1996-97, 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.1469/Bang/2002 dated 19-10- 2005 and confirm the order of the Commissioner of Income Tax (Appeals), Mysore confirming the order passed by the Joint Commissioner of Income Tax (Assessment) Special Range, Mysore, in the interest of justice and equity. I.T.A. No.788/2006:- BETWEEN:- 1. The Commissioner of Income Tax, # 55/1, Shilpashree, Vidyaranya Complex, Vishveshwarapuram, Mysore. 2. The Joint Commissioner of Income Tax, Assessment, Special Range, # 55/1, Shilpashree, Vidyaranya Complex, Vishveshwarapuram, Mysore. Appellants (By Sri E. Sanmathi Indra Kumar, Advocate) AND:- M/s. Kareems Silk International Ltd., No.6B and 7,

3 Industrial Area, Mysore. Respondent (By Sri A. Shankar & Sri M. Lava, Advocates) This I.T.A. is filed U/s.260-A of I.T. Act, 1961 arising out of Order dated 19.10.2005 passed in ITA No.1470/Bang/2002 for the Assessment Year 1997-98, 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.1470/Bang/2002 dated 19-10- 2005 and confirm the order of the Commissioner of Income Tax (Appeals), Mysore confirming the order passed by the Joint Commissioner of Income Tax (Assessment) Special Range, Mysore, in the interest of justice and equity. These appeals are coming on for hearing this day, SREEDHAR RAO, J., delivered the following: J U D G M E N T In view of decision of this Court in the case of CIT Vs. Ranka ‘N’ Ranka reported in I.T.A.No.3191/2003 decided on 02.11.2011, these appeals are dismissed. Sd/- JUDGE Sd/- JUDGE NM*