Ita/660/2007 Of The Commissioner Of Income Tax v. Shri K L Srihari (Huf)

IN THE HIGH COURT OF KARNATAKA, BANGALORE DATED THIS THE 28 DAY OF AUGUST, 2012| PRESENT THR HON'BLE MR. JUSTICE K.SREBDHAR RAO ANT) THR HON'BLE MR. JUSTICK B.MANOHAR 1.T.A. No. 660 OF 2007 BE TW BE 1.The Commissioner of Income Tax,C.R. Building,Queens Road,Bangalore.C.R. Building,Queens Road,Bangalore. 2.The Deputy Commissioner of Income Tax,Central Circle-1(1),C.R. Building,Queens Road,Bangalore.Central Circle-1(1),C.R. Building,Queens Road,Bangalore. Appellants (By Sri K.V. Aravind, Advocate) AND: ohri K.L. Srihari (HUF),No.9, Seshadri Road,Bangalore-Y. Respondent (By Sri 8S. Sundaresh and Sri 8S. Sukumar, Advocates This I.T.A. is filed U/s.2600-A of the IT. Act, 1961|arising out of Order dated 06.12.2006 passed in ITANo.495/BNG/2005, for the Assessment Year 2000-01, praying that this Hon’ble Court may be pleased to: |(i) formulate the substantial questions of law stated thereinand (11) allow the appeal and set aside the order passed bythe ITAT, Bangalore in ITA No.495/BNG/2005, dated|06.12.2006contirmtheordersOT|theAppellateCommissioner and confirm the order passed by the DeputyCommissioner of Income Tax, Central Circle-1(1), Bangalorein the interest of justice and equity. This appeal is coming on for final hearing this day,|SREEDHAR RAO, J.,delivered the following: JU DBGMENT In this appeal, the assessee offered income as business|income and claimed certain deductions. The AssessingOfficer considered the income as “from other sources” anddisallowed the deduction. In view of the decision of this courtin I.T.A.No.121/2007 this appeal is also to be disposed of onsimilar terms. L.T.A.No.18/2005 disposed of on 09.03.2010 has held theissued in favour of the revenue. Accordingly, the appeal isdisposed of. | 3.With regard to the question of monetary limit toprefer an appeal, the appellant is at liberty to make anapplication for revival of appeal subject to the result of thedecision of the Supreme Court in $.L.P.No.27468/2012. psg* od/-|JUDGE od/-|JUDGE