Ita/100027/2015 Of The Commissioner Of Income Tax v. The Belagavi District Co-Op
High Court
16 Dec 2015 In favour of: Assessee
Forum / Bench
High Court · karhcdharwad
Parties
Ita/100027/2015 Of The Commissioner Of Income Tax v. The Belagavi District Co-Op
Date of order
16 Dec 2015
Assessment year(s)
—
Outcome
Dismissed
Case summary
In Ita/100027/2015 Of The Commissioner Of Income Tax v. The Belagavi District Co-Op, the High Court (2015) dismissed the appeal. The decision went in favour of the assessee.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
Sections referenced in this judgment
The order — as passed by the High Court
IN THE HIGH COURT OF KARNATAKA
DHARWAD BENCH
DATED THIS THE 16 DAY OF DECEMBER, 2015
PRESENT
THE HON’BLE MR.JUSTICE S. ABDUL NAZEER
AND
THE HON’BLE MR.JUSTICE P.S.DINESH KUMAR
ITA No.100027 OF 2015
BETWEEN:
1THE COMMISSIONER OF INCOME TAX,DR. B.R.AMBEDKAR ROAD,BELGAVI.DR. B.R.AMBEDKAR ROAD,BELGAVI.
2THE ACIT, CIRCLE-2,BELAGAVI,… APPELLANTSBELAGAVI,… APPELLANTS
(BY SRI Y.V.RAVIRAJ, ADV.)
AND
THE BELGAUM DISTRICT CENTRAL CO-OP.BANK LTD., OLD P.B.ROAD,NEAR CENTRAL BUS STAND,BELAGAVI, PAN .…. RESPONDENT.
(BY SRI ASHOK KULKARNI & SRI H.R.KAMBIYAVAR, ADVs.)
THIS ITA IS FILED UNDER SECTION 260A OF THEINCOME TAX ACT, 1961 TO SET ASIDE THE ORDER PASSEDBY THE INCOME TAX APPELLATE TRIBUNAL,PANAJI BENCH,PANAJI, IN ITA NO.324/PNJ/2013, DTD:14.11.2014 AND ETC.
THIS ITA COMING ON FOR ORDERS THIS DAY,P.S.DINESH KUMAR, J., DELIVEREDTHE FOLLOWING:
JUDGMENT
In this appeal by Revenue, following substantialquestion of law is raised;
1.Whether the Tribunal is right in lawand on fact in deleting the additionson account of accrued interest onloans which are classified as “Non-performing Assets” relying on theKarnataka High Court decision inCanfin Homes Ltd., (2011) 5 Tax Corp(DT) 49593, ignoring the provisions ofsection 43D of the I.T.Act, 1961amended w.e.f. 01.04.2000?”
2.Learned counsel appearing for theAssessee submits that in ITA No.471/2013 disposed
of on 30.06.2014, a Division Bench of this Court hasanswered the substantial questions of law in favour ofthe Assessee by following the earlier judgment in thecase of Commissioner of Income Tax, CentralCircle, Bangalore /vs./ Canfin Homes Limited((2011) 201 TAXMAN 273/13 taxmann.Com43(Karnataka).
3.Learned counsel for the assessee andrevenue agree that the issue involved in this appealand ITA No.471/2013 are one and the same.Consequently, this appeal by the revenue isdismissed. No costs.
Sd/-
JUDGE.
KLY/
Sd/-
JUDGE.
This page reproduces a public-domain court order (Section 52(1)(q)(iv), Copyright Act 1957). Explanations are EaseValue's original analysis. Always read the original order.
Disclaimer: General information only — not legal, tax or professional advice, and no advocate/CA–client relationship is created. AI-generated summaries may contain errors and must be verified against the original court order. EaseValue accepts no liability for reliance on this content. Not a solicitation.
Full disclaimer & Terms.
EaseValue