Green Agro Pack (P) Ltd. v. The CIT, Bangalore / The DCIT, Circle-11(3), Bangalore
[Citation -2020-LL-0312-55]
| Citation | 2020-LL-0312-55 |
|---|---|
| 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 | 2004-05 |
| Judgment | View Judgment |
| Keyword Tags | income from other source • interest earned • business income |
| Bot Summary: | 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 is admitted on following substantial questions of law:- a. Whether on the facts and circumstances on case the Tribunal was justified in treating the insurance and 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 of the case the Tribunal was right in coming to the conclusion that interest earned on staff loans and fines collected from 3 the staffs as a income from other source instead of business income c. Whether on the facts and circumstances of the case the Tribunal was right in treating the Insurance claimed received the extent of Rs.5,23,298-00 as a income from other source against the loss of assets/properties and directly not attributable to the business. When the matter is taken up for hearing today, the learned counsel for the parties jointly submitted that the controversy involved in the instant appeal is squarely covered by the decision of this Court in ITA No.230/2008, dated 25.08.2014, in the case of the assessee itself. In view of the aforesaid submissions and for the reasons assigned in ITA No.230/2008, the substantial questions of law are answered in favour 4 of the assessee and against the revenue. |