Ita/515/2017 Of Pr Commissioner Of Income Tax Central v. M/S Paresh Exports P Ltd

IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 28TH DAY OF MAY 27071 PRESENT| THE HON’BLE MR. JUSTICE ALOK ARADHE AND| THE HON’BLE MR.JUSTICE HEMANT CHANDANGOUDAR.ILT.A. NO.515 OF 2017 BETWEEN: 1.PR, COMMISSIONER OF INCOME TAX| (CENTRAL), C.R. BUILDING QUEENS ROAD, BENGALURU-560001. 2D.THE DY. COMMISSIONER OF INCOME TAX. CENTRAL CIRCLE-1(4), BENGALURU. .., APPELLANTS (BY SRI. JEEVAN J. NEERALGI, AGA) AND M/S. PARESH EXPORTS (P) LTD.,|NO.104, 1ST FLOOR, S6TH CENTRE POINT.RESIDENCY ROADBENGALURU-560075PAN: AAACP827 36 ... RESPONDENT| (V/O DTD:24.03.2021 SERVICE OF NOTICE TO RESPONDENTHELD SUFFICIENT). THIS I.T.A. IS. FILED UNDER SECTION 260-A OFI.T.ACT, 1961 ARISING OUT OF ORDER DATED 09.12.2016PASSED IN ITA NO.252/BANG/2013, FOR THE ASSESSMENTYEAR 2005-06, PRAYING TO DECIDE THE FOREGOINGQUESTION OF LAW AND/OR SUCH OTHER QUESTIONS OF!LAW AS MAY BE FORMULATED BY THE HON BLE COURT ASDEEMED FIT AND SET ASIDE THE APPELLATE ORDER DATED09.12.7016 PASSED BY THE INCOME TAX APPELLATETRIBUNAL, C BENCH, BENGALURU, AS SOUGHT FOR, INTHE|RESPONDENT-ASSESSEE'SCASE,IN|APPEAL|PROCEEDINGS IN ITA NO.252/BANG/2013 FOR A.Y. 2005-06& GRANT SUCH OTHER RELIEF AS DEEMED FIT, IN THE|INTEREST OF JUSTICE. THIS I.T.A. COMING ON FOR ADMISSION, THIS DAY,ALOK ARADHE J.,DELIVERED THE FOLLOWING: JUDGMENT This appeal under Section 260-A of the Income TaxAct, 1961 (nereinafter referred to as the Act, for snort) nas|been filed by the revenue against the judgment dated09.12.2016 passed by the Income Tax Appellate Tribunal.The subject matter of the appeal pertains to the AssessmentYear 2005-06. The appeal is admitted by a Bench of this|Court vide order dated 28.05.2021 on _ the _ followsubstantial questions of law: "(1) Whether on the facts and in the)circumstances of the case, the Tribunal ts right inlaw in deleting the aaaition of Rs.6,00,13,928/- on account of unaccounted interest [ncome onFDs by holding that the Revenue has not broughtany material to make sucn adaition as held byCIT(A) even when the assessee Nas aamitted onlyRs.4,39,97,515/- in the return of income andCIT(A) witnout proper discussion has held thatRs.29,45,468/- is taxable? (2)Whether on tne facts and In the’circumstances of the case, the Tribunal is rignt inlaw in deleting the unaccounted income in goldwitnout appreciating that the assessee Nas failedto prove tne source for tne said purchases of goldand failed to give independent reasonings forsetting aside the adaitions? (3)Whether on tne facts and In the’circumstances of the case, the Tribunal is rignt inlaw in setting aside tne adaition under section69A of the Act on account of Unaccounted casnfounda auring tne searcn proceedings by Nnoldinthat the Revenue nas not brought any material tomake sucn addition when the assessee could notexplain the details of the cash found in the searchproceedings and in the appellate proceedings? 2. Tnis Court, vide judgment dated 17.11.2020 passedin ITA No.514/2017, quashed the order passed by theIncome Tax Appellate Tribunal on the ground that the same| is cryptic and suffers from non-application of mind and hasremitted the same to tne Tribuna!] to consider tne substantialquestion of law Nos.1 and 2. 3. For the reasons assigned in the aforesaid judgment,the order dated 09.12.2016 passed by the Tribunal in ITANo.252/Bang/2013 in respect of Assessment Year 2005-06 isqGuasned and the matter is remitted to the Tribunal toconsider the substantial question of law Nos.1 and 2 afresh|by assigning reasons. Since the matter has been remitted to the Tribunal for|decision afresh, it is not necessary for us to answer thesubstantial questions of law framed in this appeal. Accordingly, the appeal is disposed of. Sd/-JUDGE Sd/-—JUDGE