Devon Plantations And Industries ... vs The Dy. Commissioner Of Income Tax
2021 Latest Caselaw 1797 Kant

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     IN THE HIGH COURT OF KARNATAKA AT BENGALURU

        DATED THIS THE 22ND DAY OF MARCH 2021

                          PRESENT

         THE HON'BLE MR. JUSTICE ALOK ARADHE

                             AND

         THE HON'BLE MR. JUSTICE M.G.S. KAMAL

                   I.T.A. NO.249 OF 2018
BETWEEN:

DEVON PLANTATIONS AND INDUSTRIES LTD.,
NO.29, EMPIRE INFANTRY
INFANTRY ROAD, SHIVAJI NAGAR
BENGALURU-560001
REP. BY ITS MANAGING DIRECTOR
MS. ROSHIN VARGHESE.
                                                     ... APPELLANT
(BY SRI. THOMAS VELLAPALLY, ADV.,)

AND:

1.     THE DY. COMMISSIONER OF INCOME TAX
       CIRCLE 11(1), C.R. BUILDING
       QUEENS ROAD, BENGALURU-560001.

2.     THE COMMISSIONER OF INCOME TAX
       C.R. BUILDING, QUEENS ROAD
       BENGALURU-560001.
                                               ... RESPONDENTS
(BY SRI. E.I. SANMATHI, ADV.,)

                              ---
       THIS I.T.A. IS FILED UNDER SEC. 260-A OF INCOME TAX
ACT 1961, ARISING OUT OF ORDER DATED 17.11.2017 PASSED
IN     ITA   NO.1942/BANG/2016       (ANNEXURE-F),     FOR    THE
ASSESSMENT YEAR 2009-10, PRAYING TO FORMULATE THE
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SUBSTANTIAL QUESTIONS OF LAW STATED ABOVE. ALLOW THE
APPEAL AND SET ASIDE THE IMPUGNED ORDER OF THE INCOME
TAX     APPELLATE         TRIBUNAL,       'C'     BENCH,       BANGALORE,
PRONOUNCED        ON      17.11.2017     IN     ITA   NO.1942/BANG/2016
(ANNEXURE-F) TO THE EXTENT QUESTIONED HEREIN.                           PASS
SUCH OTHER OR FURTHER ORDERS AS THIS HON'BLE COURT
DEEMS    FIT     TO      GRANT     ON     THE    FACTS     AND     IN   THE
CIRCUMSTANCES OF THE CASE AND IN THE INTERESTS OF
JUSTICE AND EQUITY.


      THIS     I.T.A.    COMING     ON    FOR     HEARING,     THIS     DAY,
ALOK ARADHE J., DELIVERED THE FOLLOWING:



                              JUDGMENT

This appeal under Section 260A of the Income Tax

Act, 1961 (hereinafter referred to as the Act for short)

has been filed against the common order dated

17.11.2017 passed by the Income Tax Appellate

Tribunal.

2. The appeal was admitted by a bench of this

Court vide order dated 09.11.2018 on the following

substantial questions of law:

"(i) Whether the appellant was entitled to adjust the indexed cost of acquisition

under the second proviso to Section 48 of the Income Tax Act, 1961, while computing capital gains on the sale of shade trees during the assessment year 2009-10?

2. Whether the findings of the Tribunal "that it was incumbent on the appellant to allege during the assessment proceedings that the trees which were now sold were in existence prior to 01.04.1981" and "no such material / evidence was brought on record before the Tribunal or the lower authorities" is perverse, contrary to the record and illegal?"

3. For the reasons assigned by us in the judgment

passed in I.T.A.No.247/2018, the impugned orders

passed by the Tribunal / Commissioner of Income Tax

(Appeals) as well as by the Assessing Officer are hereby

quashed. The matter is remitted to the Assessing

Officer to make a fresh assessment again.

4. It is needless to state that it will be open for the

parties to raise all the contentions as are admissible in

law. Therefore, it is not necessary for us to answer the

substantial questions of law framed in this appeal.

In the result, the appeal is disposed of with the

aforesaid direction.

Sd/-

JUDGE

Sd/-

JUDGE

KS