Ita/711/2008 Of The Commissioner Of Income Tax v. Maganoor Builders

1 IN THE HIGH COURT OF KARNATAKA AT BANGALORE. Dated this the 4[th]of July 2014. PRESENT THE HON’BLE MR. JUSTICE N KUMAR ANTI THE HON’BLE MR. JUSTICE B MANOHAR| ITA No. 711/2008 c/w ITA No. 710/2008 BETWEEN: 1.)The Commissioner ot Income Tax284/1, Park View Building,v[th]Main, P.J. Extension,Davangere — 2.iaThe Income Tax OfficerWard-2,Davangere. . Appellants (COMMON) (By Sri Jeevan J. Neeralgi, Adv.) AND: Maganoor Builders(Dissolved Firm),No.144/1, Nittuvalli,Davangere. ...Respondent(COMMON) (By Sri S. Parthasarathi, Adv.) p ITA No.711/08 is filed under Section 260-A of I.T. Act, 1961arising out of order dated 30.01.2008 Annexure-A in ITA|No.835/BNG/2007 tor the Assessment year 1999-2000, praying to(i) formulate the substantial questions of law stated therein; (1i)|allow the appeal and set aside the order passed by the ITAT,|Bangalore in ITA No.835/BNG/2007 dated 30.01.2008. ITA No.710/08 is filed under Section 260-A of I.T. Act, 1961arising out of order dated 30.01.2008 Annexure-A in ITA|No.834/BNG/2007 tor the Assessment year 1999-2000, praying to(i) formulate the substantial questions of law stated therein; (11)allow the appeal and set aside the order passed by the ITAT,|Bangalore in ITA No.834/BNG/2007 dated 30.01.2008. These appeals coming on for hearing this day,N,. KUMAR delivered the following: JU DGMENT These two appeals are preferred against the order passed bythe Tribunal confirming the order passed by the Commissioner ofIncome Tax (Appeals) who had remanded the appeal directing theAssessing Authority to adopt the market value as per the stamp|duty as on the date of dissolution as per the dissolution deed|dated 20.11.1998. The appeal of the assessee was partly allowed|and the appeal of the revenue was dismissed. Therefore, these twoappeals are preferred. iaIt is submitted that during the pendency of these|appeals, in terms of the order passed by the Tribunal, the| Assessing Authority has valued the closing stock on the basis ofthe market value as per the stamp duty and passed an order of|assessment. This order was challenged by the assessee before the|Appellate Authority which confirmed the said order. That order|was challenged by the assessee before the Tribunal. The Tribunal|has dismissed this order and therefore, the said assessment has)attained finality. In view of the subsequent events, these two appeals have|become iniructuous. Accordingly, they are dismissed. (SD/-)JUDGE (SD/-)JUDGE VP.