PR. COMMISSIONER OF INCOME TAX vs. M/S OCWEN FINANCIAL SOLUTIONS PVT LTD

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ITA/62/2016HC KarnatakaKAHC01017792201616 June 2016Bench: JAYANT PATEL,B.SREENIVASE GOWDA4 pages
AI SummaryDismissed

What did the High Court hold?

The High Court held that since the issue was already covered by a previous decision of the same court, no substantial question of law arose. Therefore, the appeal filed by the Revenue was dismissed.

What were the facts?

The Revenue appealed a High Court order that directed the Assessing Officer to exclude certain foreign currency expenditures from both export and total turnover. The Tribunal had relied on a previous High Court decision in a similar case.

What were the issues?

Whether foreign currency expenditures incurred by an assessee claiming deduction under Section 10A should be reduced from both export turnover and total turnover.

Which sections of the Income-tax Act were involved?

Section 10A

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1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU

DATED THIS THE 16TH DAY OF JUNE 2016

PRESENT

THE HON’BLE MR.JUSTICE JAYANT PATEL AND THE HON’BLE MR.JUSTICE B.SREENIVASE GOWDA ITA NO.62/2016

BETWEEN

1.

PR. COMMISSIONER OF INCOME TAX

CENTRAL REVENUE BUILDINGS

QUEENS ROAD BANGALORE-560 001.

2.

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 12(2), BANGALORE. ... APPELLANTS (BY SRI.E.I. SANMATHI, ADVOCATE)

AND

M/S. OCWEN FINANCIAL SOLUTIONS PVT LTD 7TH FLOOR OF WING ‘A’, 5TH FLOOR WING B BLOCK NO.12, PRITECH PARK SEZ, SURVEY NO.51-64/4,

2 BELLANDUR VILLAGE, SARJAPUR MARATHAHALLI, ORR, BENGALURU-560 013. ... RESPONDENT

THIS ITA IS FILED UNDER SEC.260-A OF INCOME TAX ACT 1961, ARISING OUT OF ORDER DATED:14/08/2015 PASSED IN ITA NO.1178/BANG/2012, FOR THE ASSESSMENT YEAR 2008-2009 PRAYING TO DECIDE THE FOREGOING QUESTION OF LAW AND / OR SUCH OTHER QUESTIONS OF LAW AS MAY BE FORMULATED BY THE HON'BLE COURT AS DEEMED FIT AND SET ASIDE THE APPELLATE ORDER DATED:14/08/2015 PASSED BY THE ITAT, 'C' BENCH, BENGALURU, IN APPEAL PROCEEDINGS IN ITA NO.1178/BANG/2012 FOR ASSESSMENT YEAR 2008-2009.

THIS APPEAL COMING ON FOR ADMISSION THIS DAY, JAYANT PATEL J., DELIVERED THE FOLLOWING:

JUDGMENT

The appellants-Revenue has preferred the present appeal by raising the following substantial question of law:

3 “Whether on the facts and circumstances of the case, the Tribunal in directing the Assessing Officer to exclude the certain expenditure incurred in foreign currency both from the export turnover and the total turnover when there is no provision in section 10A which requires the said expenses to be reduced from the total turnover?”

2.

We have heard Mr.E.I.Sanmathi, learned Counsel appearing for the appellants-Revenue.

3.

The learned Counsel for the appellants has fairly conceded that the matter is covered by the decision of this Court in the case of Commissioner of Income Tax And Another Vs. Tata Elxsi Ltd. reported at (2012) 349 ITR 98 (Karn.).

4.

Further, the perusal of the order passed by the Tribunal shows that it has relied upon the above

4 referred decision of this Court in the case of Tata Elxsi Ltd. (supra).

5.

Under these circumstances, when the question is already covered by the decision of this Court in the above referred matter of Tata Elxsi Ltd. (supra), we do not find that any substantial question of law would arise for consideration as canvassed. Hence the appeal is dismissed.

Sd/- JUDGE

Sd/- JUDGE

JT/-

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