M/s. Karnataka Instrade Corporation Ltd. v. The Asst. Commissioner of Income-Tax, Central Circle-2(2) - 2015-LL-1009-10

Citation	2015-LL-1009-10
Appellant Name	M/s. Karnataka Instrade Corporation Ltd.
Respondent Name	The Asst. Commissioner of Income-Tax, Central Circle-2(2)
Court	HIGH COURT OF KARNATAKA
Relevant Act	Income-tax
Date of Order	09/10/2015
Assessment Year	2002-03
Judgment	View Judgment
Keyword Tags	rectification of order of tribunal • set off of carry forward loss and unabsorbed depreciation against business income
Bot Summary:	Respondent 2 This ITA is filed U/S.260-A of I.T.Act, 1961 arising out of Order dated: 31-07-2009 passed in MP No.33/Bng/09 in ITA.No. Allow the appeal and set aside the order passed by the ITAT Bangalore in MP No.33/Bng/09 in ITA No.855/Bang/2008, dated: 31-07-2009, in the interest of justice and equity. This Appeal is coming on for hearing and reserved for orders on 08/09/2015, this day B.MANOHAR J,. pronounced the following: JUDGMENT The assessee preferred this appeal under Section 260-A of the Income Tax Act, 1961 being aggrieved by the order dated 31-07-2009 rejecting the Miscellaneous Petition No.33(BNG)/09 and confirming the order dated 6-2-2009 made in ITA No.855/Bang/2008 for the assessment year 2002-03 passed by the Income Tax Appellate Tribunal, Bangalore Bench A, Bangalore 3 whereby the Tribunal rejected the Miscellaneous Petition filed for correction of the order. The assessee had filed a Miscellaneous petition before the Tribunal for rectification of the mistake under Section 254(2) of the Act. The said application was rejected by the Tribunal by its order dated 31-07-2009. The appeal was admitted on 08-11-2010 on the following substantial questions of law: Whether the Tribunal erred in law in not rectifying its order under Section 254(2) on the facts and circumstances of the case Whether the Tribunal was justified in law in holding that the rectification of its own order amounts to review when the Apex Court has taken a view in the case of ACIT v. Saurashtra Kutch Stock Exchange reported in 305 ITR 227 on the facts and circumstances of the case 4 Whether the Tribunal was justified in law in holding that the appellant was not entitled to set-off of carry forward loss and unabsorbed depreciation against business income assessed under Section 41(1) on the facts and circumstances of the case 4. Since the appeal filed by the assessee before this Court in ITA No.339/2009 wherein the order dated 6-2-2009 passed by the Tribunal in ITA No.855/Bang/2008 was challenged is partly allowed, it is unnecessary to go into the merits of this case.

1 IN HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS 09TH DAY OF OCTOBER 2015 PRESENT HON BLE MR.JUSTICE VINEET SARAN AND HON BLE MR.JUSTICE B MANOHAR ITA No. 797 OF 2009 (IT) BETWEEN : M/s.Karnataka Instrade Corporation Ltd., Rep. by its Managing Director Sri. M.R.Seetharam (formerly known as M/s.Karnataka Minerals & Manufacturing Co Ltd.,) No.1, GEF Administrative Block, New BEL Road, MSRIT Post, Bangalore 560054. Appellant (By Sri. A.Shankar & M.Lava Advs.,) AND: Asst. Commissioner of Income-Tax, Central Circle-2(2), C.R.Building, Queens Road, Bangalore 560001. Respondent (By Sri. K.V.Aravind & Sri. G.Kamaladhar, Advs.,) 2 This ITA is filed U/S.260-A of I.T.Act, 1961 arising out of Order dated: 31-07-2009 passed in MP No.33/Bng/09 in ITA.No.855/Bang/2008, for Assessment Year 2002-03, praying that this Hon ble Court may be pleased to: i. Formulate substantial questions of law stated therein, ii. Allow appeal and set aside order passed by ITAT Bangalore in MP No.33/Bng/09 in ITA No.855/Bang/2008, dated: 31-07-2009, in interest of justice and equity. This Appeal is coming on for hearing and reserved for orders on 08/09/2015, this day B.MANOHAR J,. pronounced following: JUDGMENT assessee preferred this appeal under Section 260-A of Income Tax Act, 1961 (hereinafter referred to as Act for short) being aggrieved by order dated 31-07-2009 rejecting Miscellaneous Petition No.33(BNG)/09 and confirming order dated 6-2-2009 made in ITA No.855/Bang/2008 for assessment year 2002-03 passed by Income Tax Appellate Tribunal, Bangalore Bench A, Bangalore (hereinafter referred to as Tribunal for short) 3 whereby Tribunal rejected Miscellaneous Petition filed for correction of order. 2. assessee had filed Miscellaneous petition before Tribunal for rectification of mistake under Section 254(2) of Act. said application was rejected by Tribunal by its order dated 31-07-2009. Being aggrieved by same, present appeal has been filed. 3. appeal was admitted on 08-11-2010 on following substantial questions of law: (i) Whether Tribunal erred in law in not rectifying its order under Section 254(2) on facts and circumstances of case? (ii) Whether Tribunal was justified in law in holding that rectification of its own order amounts to review when Apex Court has taken view in case of ACIT v. Saurashtra Kutch Stock Exchange reported in 305 ITR 227 on facts and circumstances of case? 4 (iii) Whether Tribunal was justified in law in holding that appellant was not entitled to set-off of carry forward loss and unabsorbed depreciation against business income assessed under Section 41(1) on facts and circumstances of case? 4. Since appeal filed by assessee before this Court in ITA No.339/2009 wherein order dated 6-2-2009 passed by Tribunal in ITA No.855/Bang/2008 was challenged is partly allowed, it is unnecessary to go into merits of this case. Accordingly appeal is dismissed as having become unnecessary. Sd/- JUDGE Sd/- JUDGE mpk/-* M/s. Karnataka Instrade Corporation Ltd. v. Asst. Commissioner of Income-Tax, Central Circle-2(2)

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