Commissioner Of Income Tax-Ii, Karnal v. Market Committee, Samlkha …

IN THE HIGH COURT OF PUNJAB AND HARYANAAT CHANDIGARH ITA No. 217 of 2011Date of decision: 29.9.2011 Commissioner of Income Tax-II, Karnal …..Appellant vs. Market Committee, Samlkha …..Respondent CORAM: -HON’BLE MR. JUSTICE HEMANT GUPTAHON’BLE MR. JUSTICE JASWANT SINGH Present: - Mr. Tejinder Joshi, Advocate for the appellant. HEMANT GUPTA, J Revenue has filed the present appeal under Section260A of the Income Tax Act, 1961 (for short the ‘Act’) raisingthe following substantial questions of law: - “i)whether on the facts and in the circumstances ofthe case, the Ld. ITAT was justified in dismissing theappeal of the revenue on the issue regarding the actionof the CIT(A) in directing the AO to allow the adjustmentof the excess amount of application of income ofprevious years as application of income in the currentyear, despite there being no provision in Section 11 to13 of the Act in this regard”. ii)Whether on the facts and circumstances of the casethe Ld. ITAT is right in law in allowing the assessee thebenefit of unabsorbed depreciation and carriedforwarded when there is no provision in the statue andprovisions of Section 70 to 80 have not been specificallymade applicable.” The said substantial questions of law were raisedby the revenue in ITA No. 238 of 2010, The Commissioner ofIncome Tax vs. Market Committee, Karnal. This Court vide theorder dated 28.7.2010 dismissed the said appeal. A Special Leave Petition arising out of ITA No. 241of 2010 decided along with ITA No. 238 of 2010 as mentionedabove, also stand dismissed on 15.7.2010 by Hon’ble theSupreme Court. In view of the said fact, for the reasons recorded inITA No. 238 of 2010 decided on 28.7.2010, we do not find anysubstantial question of law arises in the present appeal. Dismissed. (HEMANT GUPTA)JUDGE 29.9.2011preeti (JASWANT SINGH)JUDGE