Ita/251/2018 Of Devon Plantations And Industries Ltd v. The Dy. Commissioner Of Income Tax

IN THE HIGH COURT OF KARNATAKA AT BENGALURUDATED THIS THE 22 DAY OF MARCH 20271| PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND| THE HON’BLE MR. JUSTICE M.G.S. KAMAL| LT.A. NO.251 OF 2ZO18 BETWEEN: DEVON PLANTATIONS AND INDUSTRIES LITD.,NO.29, EMPIRE INFANTRY| INFANTRY ROAD, SHIVAJI NAGAR.BENGALURU-560001 REP. BY ITS MANAGING DIRECTOR| MS. ROSHIN VARGHESE. ... APPELLAN[. (BY SRI. THOMAS VELLAPALLY, ADV.,). AND: 1.|THE DY. COMMISSIONER OF INCOME TAX. CIRCLE 11(1), C.R. BUILDING QUEENS ROAD, BENGALURU-S60001.. 2 |THE COMMISSIONER OF INCOME TAX.C.R. BUILDING, QUEENS ROADBENGALURU-56000 1.C.R. BUILDING, QUEENS ROADBENGALURU-56000 1. .., RESPONDENTS (BY SRI. E.1. SANMATHI, ADV.,) THIS I.T.A. IS FILED UNDER SEC. 260-A OF INCOME TAX)ACT 1961, ARISING OUT OF ORDER DATED 17.11.2017 PASSED|IN|ITANO.1943/BANG/2016(ANNEXURE-E),FORTHE|ASSESSMENT YEAR 2010-11, PRAYING TO FORMULATE THE! SUBSTANTIAL QUESTIONS OF LAW STATED ABOVE. ALLOW THE|APPEAL AND SET ASIDE THE IMPUGNED ORDER OF THE [INCOMETAXAPPELLATETRIBUNAL,|'C' BENCH,|BANGALORE,PRONOUNCEDON17.11.2701 IN|TTA!NO.1943/BANG/2016.(ANNEXURE-E) TO THE EXTENT QUESTIONED HEREIN. PASS|SUCH OTHER OR FURTHER ORDERS AS THIS HON BLE COURT|DEEMSFITTO!GRANTON.THE|FACTSAND|IN|THE|CIRCUMSTANCES OF THE CASE AND IN THE INTERESTS OF|JUSTICE AND EQUITY. THIS I.T.A. COMING ON FOR’ HEARING, THIS’ DAY, | ALOK ARADHE J.,DELIVERED THE FOLLOWING: JUDGMENT This appeal under Section 260A of the Income Tax)Act, 1961 (hereinafter referred to as the Act for short)has been filed against the common order dated17.11.2017 passed by the Income Tax AppellateTribunal. — 2. The appeal was admitted by a bench of this) Court vide order dated 09.11.2018 on the followingsubstantial questions of law: “(1) Whether the appellant was entitledto adjust the indexed cost of acquisition under the second proviso to Section 48 of theIncome Tax Act, 1961, while computingcapital gains on the sale of shade treesduring the assessment year 2010-11? 2. Whether the findings of the Tribunal“that it was incumbent on the appellant toallege during the assessment proceedingsthat the trees which were now sold were Inexistence prior to 01.04.1981” and “no suchmaterial / evidence was brought on recordbefore the Tribunel or the lower authorities”is perverse, contrary to the record andillegal?” 3. For the reasons assigned by us in the judgment|passed in I.7T.A.No.247/2018, the impugned orderspassed by the Tribunal / Commissioner of Income Tax(Appeals) as well as by the Assessing Officer are herebyquashed. The matter is remitted to the AssessingOfficer to make a fresh assessment again. | 4. It is needless to state that it will be open for the|parties to raise all the contentions as are admissible in law. Therefore, it is not necessary for us to answer thesubstantial questions of law framed in this appeal. — In the result, the appeal is disposed of with the)aforesaid direction. Sd/-JUDGESd/-|JUDGE.KS