The Commissioner of Income-tax Central Circle, Bangalore / The Deputy Commissioner of Income-tax Central Circle, Mangalore v. Mandavi Builders
[Citation -2020-LL-0922-43]

Citation 2020-LL-0922-43
Appellant Name The Commissioner of Income-tax Central Circle, Bangalore / The Deputy Commissioner of Income-tax Central Circle, Mangalore
Respondent Name Mandavi Builders
Court HIGH COURT OF KARNATAKA
Relevant Act Income-tax
Date of Order 22/09/2020
Assessment Year 2011-12
Judgment View Judgment
Keyword Tags search proceedings • unaccounted money • on money


1 IN HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS 22ND DAY OF SEPTEMBER 2020 PRESENT HON BLE MR. JUSTICE ALOK ARADHE AND HON BLE MR. JUSTICE H.T.NARENDRA PRASAD I.T.A. NO.316/2015 BETWEEN: 1. COMMISSIONER OF INCOME-TAX CENTRAL CIRCLE C.R. BUILDING, QUEENS ROAD BANGALORE -575 001. 2. DEPUTY COMMISSIONER OF INCOME-TAX CENTRAL CIRCLE C.R.BUILDING ATTAVARA MANGALORE 575 001. ... APPELLANTS (BY SRI.K.V.ARAVIND, ADV.,) AND: M/S. MANDAVI BUILDERS MANDAVI PALACE END POINT ROAD MANIPAL UDUPI 576 104 ... RESPONDENT (BY SRI.A.SHANKAR SR. ADV. A/W SRI..M.LAVA, ADV) --- THIS ITA IS FILED UNDER SECTION 260-A OF I.T. ACT, 1961 ARISING OUT OF ORDER DATED 20.02.2015 PASSED IN ITA 2 NO.1735/BANG/2013 FOR ASSESSMENT YEAR 2011-12, PRAYING THAT THIS HON BLE COURT MAY BE PLEASED TO: (I) FORMULATE SUBSTANTIAL QUESTIONS OF LAW STATED THEREIN. (I) ALLOW APPEAL AND SET ASIDE ORDER PASSED BY ITAT, BANGALORE IN ITA NO.1735/BANG/2013 CONFIRMING ORDER OF APPELLATE COMMISSIONER AND CONFIRM ORDER PASSED BY DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, MANGALORE. THIS ITA COMING ON FOR FINAL HEARING, THIS DAY, ALOK ARADHE J., DELIVERED FOLLOWING: JUDGMENT This appeal under Section 260A of Income Tax Act, 1961 (hereinafter referred to as Act for short) has been preferred by revenue. subject matter of appeal pertains to Assessment year 2011-12. appeal was admitted by bench of this Court vide order dated 01.03.2017 on following substantial questions of law: (i) Whether on facts and in circumstances of case, Tribunal was right in holding that, unaccounted money, found during search proceedings, and explained as on money received, are eligible for deduction under Section 80IB(10) of Act? 3 (ii) Whether on facts and in circumstances of case, that Tribunal was right in holding that, transactions entered into, with buyers of flats, are eligible for deduction been though there is violation of sub-Sections (3) and 9f) of Section 80IB(10), on ground that these transactions were entered into before amendments to sub-Section (e) and (f) of Section 80IB(10)? 2. For reasons assigned by us in order passed today in I.T.A.No.307/2015, substantial questions of law are answered against revenue and in favour of assessee. In result, appeal fails and is hereby dismissed. Sd/- JUDGE Sd/- JUDGE ss Commissioner of Income-tax Central Circle, Bangalore / Deputy Commissioner of Income-tax Central Circle, Mangalore v. Mandavi Builder
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