Ita/125/2022 Of The Commissioner Of Income Tax v. M/S Green Wood High Trust

IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 21ST DAY OF FEBRUARY 207) PRESENT| THE HON’BLE MR. JUSTICE ALOK ARADHE AND| THE HON’BLE MR. JUSTICE M.G.S. KAMAL| ILT.A. NO.125 OF 2022 BETWEEN: 1.THE COMMISSIONER OF INCOME-TAEXEMPTIONS, 61TH FLOOR UNITY BUILDING ANNEXE ~MISSION ROAD, BENGALURU 560027.D2 |THE DEPUTY COMMISSIONER OF INCOME-TAXEXEMPTIONS, CIRCLE-1 PRESENT ADDRESSADDL. CIT, EXEMPTIONS RANGE61TH FLOOR, UNITY BUILDING ANNEXEMISSION ROAD|BENGALURU 560 QO2/. (BY MR. ARAVIND K.V. ADV.,) .... APPELLANTS AND" M/S. GREEN WOOD HIGH TRUST|NO.377, SARJAPUR ROADKORAMANGALABENGALURU 5600 034PAN: AAATGO61L2D .., RESPONDENT THIS I.T.A. IS FILED UNDER SEC. 260-A OF INCOME TAX|ACT 1961, ARISING OUT OF ORDER DATED 25.10.2021 PASSEDIN ITA NO.708/BANG/2020 FOR THE ASSESSMENT YEAR 2014-15,PRAYING TO: | (i) FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW,STATED THEREIN. | (ii) ALLOW THE APPEAL AND SET ASIDE THE ORDERS.PASSED BY THE INCOME TAX APPELLATE TRIBUNAL, BENGALURUIN ITA NO./708/BANG/2020 DATED 25.10.2021 FOR ASSESSMENTYEAR 2014-15 ANNEXURE-C CONFIRMING THE ORDER OF THE.APPELLATE COMMISSIONER AND CONFIRM THE ORDER PASSED|BYTHE.ADDL.COMMISSIONOFINCOME|TAXOFFICER,EXEMPTIONS RANGE, BENGALURU ® EIC.,, THIS I.T.A. COMING ON FOR ADMISSION, THIS DAY, |ALOK ARADHE J.,DELIVERED THE FOLLOWING: | JUDGMENT Mr.K.V.Aravind, learned counsel for the revenue. This appeal under Section 260-A of the Income Tax Act, 1961 (nereinafter referred to as the Act, for snort) nas|been filed against the order dated 25.10.2021 passed by theIncome Tax Appellate Tribunal. The following substantialquestions of law have been proposed in the memorandum ofappeal: a7WhetherOf)thefactsandInthecircumstances of the case, the Tribunal order|can be said as perverse in nature in allowing|excess claim of brought forward amount as|application of income amounting to Rs.5.355crores ignoring the fact that there is no| express provision in Act allowing sucn claim|andthiswillresultIngrantingdouble|deduction, first as accumulation of income|under section 11(1)(a) or corpus donation|under section 11(1)(d) in the eartier/current|years or exempt income under section 10(34)ana then as application of income under|section 11(1)(a) in subsequent years which Is not permissible under said provisions of the|Act? 2. WhetherOP)thefactsandInthecircumstances of the case, the Tribunal Isright in law tn allowing claim of assessee for|carry forward of deficit ignoring that none of|the provisions as contained in section 11 do|not permit such a claim of assessee - Trust as|Section 11 is a self-code by itself and no other|provisions of setting off are available to'assessee?” 2. The aforesaid substantial questions of law havealready been answered by a Bench of this Court videjudgment dated 20.01.2021 passed in ITA No.80/2016.. 3. For the reasons assigned in the aforesaid judgment,we find that no substantial question of law arise for ourconsideration in this appeal. In the result, the appeal fails and is nereby dismissed. Sd/-JUDGE Sd/-JUDGE RV|