Green Agro Pack (P) Ltd. v. The CIT, Bangalore / The DCIT, Circle-11(3), Bangalore
[Citation -2020-LL-0312-54]
| Citation | 2020-LL-0312-54 |
|---|---|
| Appellant Name | Green Agro Pack (P) Ltd. |
| Respondent Name | The CIT, Bangalore / The DCIT, Circle-11(3), Bangalore |
| Court | HIGH COURT OF KARNATAKA |
| Relevant Act | Income-tax |
| Date of Order | 12/03/2020 |
| Assessment Year | 2005-06 |
| Judgment | View Judgment |
| Keyword Tags | substantial question of law • claim of deduction • export business • interest earned • sale of scrap |
| Bot Summary: | 2 THIS APPEAL COMING ON FOR HEARING, THIS DAY, ALOK ARADHE J., DELIVERED THE FOLLOWING: JUDGMENT This appeal has been filed by the assessee under Section 260-A of the Income Tax Act, which was admitted by the Division bench of this Court vide order dated 26.08.2013 on following substantial questions of law:- a) Whether on the facts and circumstances on case the Tribunal was justified in treating the staff loan is not in connection with business as provided u/s. 10-B of the I.T. Act b) Whether on the facts and circumstances on case the Tribunal was justified in treating the sale of scrap is not in connection with export business as provided u/s. 10- B of the I.T. Act c) Whether on the facts and circumstances on case the Tribunal was justified in confirming the order passed u/s. 143(3) of the I.T. Act 3 d) Whether on the facts and circumstances of the case the Tribunal was right in coming to the conclusion that interest earned on staff loans and fines collected from the staffs as a income from other source instead of business income e) Whether on the facts and circumstances of the case the Tribunal was right in treating the sale of scrap claimed received the extent of Rs.40,385/- as a income from other source against the loss of assets/properties and directly not attributable to the business f) Whether on the facts and circumstances of the Tribunal was right in withdrawing the claim of deduction u/s. When the matter was taken up for hearing today, the learned counsel for the parties jointly submitted that substantial questions of law to have been answered in favour of the assessee by the Division Bench of this Court vide 4 order dated 25.08.2014 passed in ITA No.230/2008. It is further submitted that the substantial question of law namely, substantial question of law has not been dealt with by the Income Tax Appellate Tribunal and therefore, the orders passed by the Income Tax Appellate Tribunal as well as the Commissioner of Income Tax and the Assessing Officer be quashed and the matter be remitted to the Assessing Officer for decision afresh on substantial question of law namely, substantial question of law. In view of the aforesaid submission made jointly by the learned counsel for the parties, and as agreed to by them, the order dated 31.12.2007 passed by the Assessing Officer, the order dated 16.11.2009 passed by the Commissioner of Income Tax and the order dated 31.08.2012 passed by the Income Tax Appellate Tribunal in ITA No.61/Bang/2010 are set 5 aside and the matter is remitted to the Assessing Officer to decide the substantial question of law namely, substantial question of law afresh by a speaking order expeditiously. |