PR. COMMISSIONER OF INCOME vs. M/S OCWEN FINANCIAL

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ITA/302/2016HC KarnatakaKAHC01031372201628 June 2016Bench: JAYANT PATEL,B.SREENIVASE GOWDA3 pages
AI SummaryDismissed

What did the High Court hold?

The High Court held that since the question of law was already covered by a previous judgment of the same court in CIT vs. Tata Elxsi Ltd., no substantial question of law arose. Therefore, the appeal was dismissed.

What were the facts?

The Revenue appealed against an ITAT order directing the reduction of foreign currency expenditure from both export turnover and total turnover for Section 10A deduction. The Revenue argued that such expenditure should only be excluded from export turnover as per the statutory definition.

What were the issues?

Whether expenditure incurred in foreign currency should be reduced from both export turnover and total turnover for calculating deduction under Section 10A.

Which sections of the Income-tax Act were involved?

Section 10A

AI-generated summary — verify with the full judgment below

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

DATED THIS THE 28TH DAY OF JUNE, 2016

PRESENT

THE HON'BLE MR. JUSTICE JAYANT PATEL

AND

THE HON’BLE MR. JUSTICE B.SREENIVASE GOWDA

ITA NO.302 OF 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, ADV.)

AND

M/S. OCWEN FINANCIAL SOLUTIONS PVT LTD. 4TH & 6TH FLOORS SALARPURIA ARENA NO.24, HOSUR ROAD BANGALORE – 560 030 PAN: AAACO3764E.

...RESPONDENT

THIS ITA IS FILED UNDER SEC.260-A OF INCOME TAX ACT 1961, PRAYING TO DECIDE THE QUESTION OF LAW AND / OR SUCH OTHER QUESTIONS OF LAW AS MAY BE FORMULATED BY THE HON’BLE COURT AND SET ASIDE THE APPELLATE ORDER DATED 2.11.15 PASSED BY THE ITAT, ‘B’

BENCH, BENGALURU, IN APPEAL PROCEEDINGS IN IT(TP)A NO.1318/BANG/2011, FOR THE ASSESSMENT YEAR 2007-2008.

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

JUDGMENT

The appellants-Revenue have preferred this present appeal by raising the following substantial questions of law:

“Whether on the facts and circumstances of the case, the Tribunal has erred in law by directing the Assessing Officer to reduce the expenditure incurred in foreign currency, both from the Export Turnover and Total Turnover for the purpose of re-computation of deduction under Section 10A without appreciating the fact that the statute allows exclusion of such expenditure only from ETO by way of specific definition of export turnover as envisaged by sub-clause(4) of Explanation 2 below sub-section 8 of Section 10A. On the other hand, there is no specific provision in Section 10A warranting exclusion of the above expenses from the Total Turnover also?”

2.

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

3.

Learned counsel for the appellants-Revenue fairly concedes that the question of law is covered by the judgment of this Court in the case of Commissioner of Income Tax & Another –vs- Tata Elxsi Ltd. & Ors. reported in (2012) 349 ITR 98 (Karn).

4.

In our view, when the question is already covered by the decision of this Court, we do not find any substantial question of law would arise for consideration. Hence, the present appeal is dismissed.

Sd/-

JUDGE

Sd/-

JUDGE TL

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