Ita/100143/2015 Of The Principal Commissioner Of Income Tax v. M/S S.b. Minerals

IN THE HIGH COURT OF KARNATAKA DHARWAD BENCH DATED THIS THE 26 DAY OF NOVEMBER, 2019 PRESENT THE HON’BLE MR.JUSTICE ALOK ARADHE AND THE HON’BLE MR.JUSTICE N.S.SANJAY GOWDA IN ITA NO.100144/2015 BETWEEN 1. THE PRINCIPAL COMMISSIONER OF INCOME TAX, AAYAKAR BHAVAN, SEDUM ROAD, KALABURAGI. 2. ACIT CENTRAL CIRCLE-1, BELAGAVI. (BY SRI. Y.V.RAVIRAJ, ADVOCATE) ...APPELLANTS AND M/S S.B. MINERALS NEAR SIDDIVINAYAKA TEMPLE COMPOUNDER LANE, HOSPATE. (BY SRI. H.R.KAMBIYAVAR, ADVOCATE FOR SRI. S.PARTHSARTHI, ADVOCATE) ... RESPONDENT THIS I.T.A. IS FILED UNDER SECTION 260A OF THE INCOME TAX ACT, 1961 PRAYING TO (A) FORMULATE THE SUBSTANTIAL QUESTION OF LAW STATED ABOVE; (B) ALLOW THE APPEAL AND SET ASIDE THE ORDERS PASSED BY THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH PANAJI, IN ITA NO.418/PNJ/2014, DATED 02.03.2015 FOR THE ASSESSMENT YEAR 2010-11 AND CONFIRM THE ORDER PASSED BY THE COMMISSIONER OF INCOME TAX APPEALS, BELGAUM, IN THE INTEREST OF JUSTICE AND EQUITY. IN ITA NO.100143/2015 BETWEEN 1. THE PRINCIPAL COMMISSIONER OF INCOME TAX, AAYAKAR BHAVAN, AAYAKAR BHAVAN, SEDUM ROAD, KALABURAGI. 2. ACIT CENTRAL CIRCLE-1, BELAGAVI. (BY SRI. Y.V.RAVIRAJ, ADVOCATE) ...APPELLANTS AND M/S S.B. MINERALS, NEAR SIDDIVINAYAKA TEMPLE, COMPOUNDER LANE, HOSPATE. (BY SRI. H.R.KAMBIYAVAR, ADVOCATE FOR SRI. S.PARTHSARTHI, ADVOCATE) ... RESPONDENT THIS I.T.A. IS FILED UNDER SECTION 260A OF THE INCOME TAX ACT, 1961 PRAYING TO (A) FORMULATE THE SUBSTANTIAL QUESTION OF LAW STATED ABOVE; (B) ALLOW THE APPEAL AND SET ASIDE THE ORDERS PASSED BY THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH PANAJI, IN ITA NO.33/PNJ/2015, DATED 02.03.2015 FOR THE ASSESSMENT YEAR 2010-11 AND CONFIRM THE ORDER PASSED BY THE COMMISSIONER OF INCOME TAX APPEALS-VI, BELGAUM. THESE I.T.A.s COMING ON FOR FINAL HEARING THIS DAY, ALOK ARADHE, J., DELIVERED THE FOLLOWING: JUDGMENT These appeals were admitted by a bench of this Court by an order dated 31.05.2017 on the following substantial question of law. “Whether the Income Tax Appellate Tribunal was justified in directing the Assessing Authority to assess the income of the assessee for the Assessment Year 2010-11 at the rate of 8% of total Turn-over treating the business of the assessee as “eligible business” which computation would be even less than the returned income of the assessee for the Assessment Year 2010-11. The Tribunal applied the rate of 8% on the total turn-over of Rs.68,21,34,103/-, which would be Rs.5,45,70,728/-, whereas the declared income of the assessee for the Assessment Year 2010-11 was Rs.9,21,99,256/- vide assessment order at Annexure-C.” 2.When the matters were taken up today, learned counsel for the parties jointly submitted that in compliance of the order passed by the Income Tax Appellate Tribunal, the Assessing Officer by an order dated 19.05.2015 passed an order of assessment and has treated the income of the assessee to be the income which was indicated by him in the return. 3.In view of the aforesaid submissions, nothing survives for adjudication in these appeals. Accordingly, same are disposed of. SD/- JUDGE CLK SD/- JUDGE