Ita/634/2007 Of M/S P Srinivasa Setty And Sons v. The Income Tax Officer

IN THE HIGH COURT OF KARNATAKA AT BANGALORE DATED THIS THE 06 DAY OF NOVEMBER, 2012 PRESENT THE HON’BLE MR.JUSTICE K. SREEDHAR RAO| AND THE HON’BLE MR.JUSTICE B.V.PINTO INCOME-TAX APPEAL NO.634/2007| BRTWREB M/S P SRINIVASA SETTY AND SONSREP. BY HIS KARTHA SRI P.S.VISHWANATHGANDHDHINAGAR.TUMKUR. _. APPKELLANT (BY SRILA SHANKAR & M LAVA, ADVS.) ANT THR INCOME TAX OFFICKR WARD-1, RAMAKRISHNA BUILDING KUNIGAL ROADTUMKUR —. RBSPONDBENT (BY SRI. K V ARAVIND, ADV.) THIS ITA IS FILED U/S.260-A OF I.T.ACT, 1961)ARISING OUT OF ORDER DATED 20-04-2007 PASSED IN|ITA 1588/BANG/2005 FOR THE ASSESSMENT YEARS1989-90, PRAYING THAT FOR THE REASONS STATEDTHRRBIN THIS HON'BLE COURT MAY BRK PLEASKD TO: I. FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW|STATED THEREIN, Il ALLOW THR APPEAL AND SEHT ASIDE THE ORDER PASSED BY ITAT IN ITA 1988/BANG/2005 DATED 20-04-2007 (ANNEXURE 'A’), IN THE INTEREST OF JUSTICE ANDEQUITY. THIS [TA IS COMING ON FOR FINAL HBARING THIS)DAY,SREEDHAR RAO J., DELIVERED THE FOLLOWING:- JU DBGMENT This Court in ITA No.2341/2005 has set aside theorder of assessment and remanded the matter to the'Assessing Officer for fresh assessment. The AssessingOfficer on the basis of the extinct order of assessment,has levied penalty. Since the order on the basis ofwhich the penalty was set aside, the order of levy ofpenalty also requires to be set aside. Accordingly, theappeal is allowed. Sd/-|JUDGE Sd/-|JUDGE