Commissioner of Income-tax, Mangaluru v. ICDS Ltd
|Commissioner of Income-tax, Mangaluru
|HIGH COURT OF KARNATAKA
|Date of Order
|sale of land • book profits
|Mr.S.Parthasarathi, learned counsel for the respondent entered appearance through video conferencing. This appeal under Section 260-A of the Income Tax Act, 1961 has been preferred by the revenue which was admitted by a Bench of this Court on 15.01.2013 to consider the following substantial questions of law: 1. Whether on the facts and in the circumstances of the case, the Tribunal is justified in law by holding that the capital profits on sale of land, which are credited to the capital reserves account in the balance 3 sheet, are not to be included under the book profits for the purpose of Section 115J 2. Whether on the facts and in the circumstances of the case, the Tribunal is justified in law by holding that the Assessing Officer has no power and jurisdiction to bring to tax the income which is includible under the book profit but not included under the book profit in the audited statement of accounts 3. When the matter was taken up today, learned counsel for the revenue fairly submitted that the substantial questions of law which arise for consideration in this appeal have already been answered against the revenue by a Bench of this Court in SRI HARIRAM HOTELS LTD. Vs. COMMISSIONER OF INCOME- TAX AND ANOTHER in ITA No.53/2009 decided on 16.12.2015. In view of the aforesaid enunciation of law, the substantial questions of law framed by this Court in this 4 appeal are also answered against the revenue and in favour of the assessee.