Ita/581/2013 Of Commissioner Of Income Tax v. M/S. Syndicate Bank

IN THE HIGH COURT OF KARNATAKA AT BENGALURUDATED THIS THE / DAY OF OCTOBER 2020| PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND| THE HON’BLE MR. JUSTICE H.T.NARENDRA PRASAD LT.A. NO.581 OF 2013 BETWEEN: 1.COMMISSIONER OF INCOME TAX. MANGALORE-5/5001.. 2.|DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, UDUPI-576101.| ... APPELLANTS (BY Mr. E.I. SANMATHI, ADV.,) AND: M/S. SYNDICATE BANK| H.O. MANIPAL-5 /6104. ... RESPONDENT (BY Mr. T. SURYANARAYANA, ADV.,) THIS ITA IS FILED UNDER SECTION 260-A OF I.T. ACT,196L ARISING OUT OF ORDER DATED 12.0/7.2013 PASSED IN ITANO.366/BANG/2010 FOR THE ASSESSMENT YEAR 1984-85,|PRAYING THAT THIS HON’BLE COURT MAY BE PLEASED TO: (1) DECIDE THE FOREGOING QUESTION OF LAW AND/OR-SUCH OTHER QUESTIONS OF LAW AS MAY BE FORMULATED BY THE HON’ BLE COURT AS DEEMED FIT. (II) SET ASIDE THE APPELLATE ORDER DATED 12-7-2013.PASSED IN ITA NO.366/BANG/2010 BY THE INCOME TAXAPPELLATE TRIBUNAL, ‘B’ BENCH, BANGALORE FOR A.Y.1984-85. THISITACOMINGONFOR.HEARING,|THISALOK ARADHE J.,DELIVERED THE FOLLOWING: DAY, JUDGMENT This appeal under Section 260A of the Income Tax) Act, 1961 (hereinafter referred to as the Act for short) Nas been preferred by the revenue. Tne subject matter of the appeal pertains to the Assessment year 1984-85. The appeal was admitted by a bench of this Court videorder dated 10.10.2014 on the following substantialquestion of law: (1)Whether on the facts and In the.circumstances of the case, the Tribunalwas Justified in law in dismissing theappeal preferred by Revenue by notappreciating tne fact that interest ondelayedrefundInterestcannotbegranted since there is no_- specifiprovision in the Act for payment ofInterest on the amount of interest andin not considering the fact tnat tneDepartment nas not wrongly retainedthe refund amount?circumstances of the case, the Tribunalwas Justified in law in dismissing theappeal preferred by Revenue by notappreciating tne fact that interest ondelayedrefundInterestcannotbegranted since there is no_- specifiprovision in the Act for payment ofInterest on the amount of interest andin not considering the fact tnat tneDepartment nas not wrongly retainedthe refund amount? (iI)Whether on the facts and In the.circumstances of the case, the Tribunalis rignt in law in relying upon the caseof CIT v Sanavik Asia Ltd. (SC) wnereininterest is not granted when it is dueand granted subsequently?circumstances of the case, the Tribunalis rignt in law in relying upon the caseof CIT v Sanavik Asia Ltd. (SC) wnereininterest is not granted when it is dueand granted subsequently? 2D For the reasons assigned by us in the orderpassed today in I.7.A No.582/2013, tne substantial|questions of law are answered against the revenue and|in favour of the assessee. In the result, we do not find|any merit in this appeal, the same fails and is hereby|dismissed. SS| Sd/-—JUDGE. Sd/-—JUDGE.