Ita/120/2007 Of The Commissioner Of Income Tax v. M/S Advanced Mirconic Devicers Ltd
High Court
26 Sep 2012 In favour of: Assessee
Forum / Bench
High Court · karnataka_bng_old
Parties
Ita/120/2007 Of The Commissioner Of Income Tax v. M/S Advanced Mirconic Devicers Ltd
Date of order
26 Sep 2012
Assessment year(s)
—
Outcome
Dismissed
The order — as passed by the High Court
Case summary
In Ita/120/2007 Of The Commissioner Of Income Tax v. M/S Advanced Mirconic Devicers Ltd, the High Court (2012) dismissed the appeal. The decision went in favour of the assessee.
Issue: Whether the Appellate Authorities were correct in holding that the assessee would be entitled to claim 75% of the 1/5 price paid of Rs.2.9 crores for acquisition of Agency business for 5 consecutive assessment years from 1995-96 onwards on the basis of amortization?
Decision: Accordingly, the appeal is dismissed.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF KARNATAKA AT BANGALORE
DATED THIS THE 26 DAY OF SEPTEMBER 2012
PRESENT
THE HON'BLE MR. JUSTICE K.SREEDHAR RAO
AND
THE HON'BLE MR. JUSTICE B.MANOHAR
ITA No.120/2007
BETWEEN :
1 THE COMMISSIONER OF INCOME TAXC.R.BUILDINGQUEEN'S ROADBANGALORE.
2 THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)BANGALORE.
APPELLANTS
( By Sri K V ARAVIND, ADV.)
AND :
M/S ADVANCED MIRCONIC DEVICERS LTD, NO.101, MICRONICS HOUSE, 15TH CROSS2ND BLOCK, JAYANAGARBANGALORE. RESPONDENT
( By Sri. A SHANKAR & M LAVA, ADVs.)
This I.T.A. Is filed u/S.260-A of I.T.Act 1961 arising out of order dated 06-07-2006 passed in ITA No.3372/Bang/2004 passed by the ITAT, Bangalore.
This ITA coming on for hearing this day, K.SREEDHAR RAO, J, delivered the following:
JUDGMENT
In view of the judgment of this Court in ITA Nos.631
and 639 of 2004 (DD 23.2.2012), the question of law,
which is framed as under, is held against the revenue.
Whether the Appellate Authorities were correct in holding that the assessee would be entitled to claim 75% of the 1/5 price paid of Rs.2.9 crores for acquisition of Agency business for 5 consecutive assessment years from 1995-96 onwards on the basis of amortization?
Accordingly, the appeal is dismissed.
(Sd/-)JUDGE
(Sd/-)JUDGE
bkm.
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