Pr Commissioner Of Income Tax-3 vs M/S R Muniraju (Huf)
2024 Latest Caselaw 26939 Kant

Karnataka High Court

Pr Commissioner Of Income Tax-3 vs M/S R Muniraju (Huf) on 11 November, 2024

                                      -1-
                                              NC: 2024:KHC:45426-DB
                                                ITA No. 615 of 2023




                 IN THE HIGH COURT OF KARNATAKA AT BENGALURU
                  DATED THIS THE 11TH DAY OF NOVEMBER, 2024
                                   PRESENT
                    THE HON'BLE MR JUSTICE V KAMESWAR RAO
                                     AND
                      THE HON'BLE MR JUSTICE S RACHAIAH
                      INCOME TAX APPEAL NO. 615 OF 2023
            BETWEEN:
            1. PR. COMMISSIONER OF INCOME TAX-3
               KORMANGALA, BANGALORE.

            2.  THE DEPUTY COMMISSIONER OF INCOME TAX
                CENTRAL CIRCLE 1(3), BANGALORE.
                                                    ...APPELLANTS
            (BY SRI. SANMATHI E I, ADVOCATE)
            AND:
                M/S R MUNIRAJU (HUF)
                RAMA NILAYA, ITTAMADU MAIN ROAD
                ARAHALLI VILLAGE, BENGALURU - 560 061.
                PAN: AAHM7410C
                                                     ...RESPONDENT
            (BY SRI. A SHANKAR, SENIOR ADVOCATE FOR
Digitally       SRI. CHANDRASHEKHAR, ADVOCATE) [VK NOT FILED]
signed by
NARAYANA
UMA              THIS ITA IS FILED UNDER SEC.260-A OF INCOME TAX
Location:   ACT 1961, PRAYING TO DECIDE THE FOREGOING QUESTION
HIGH
COURT OF    OF LAW AND / OR SUCH OTHER QUESTIONS OF LAW AS MAY
KARNATAKA
            BE FORMULATED BY THE HON'BLE COURT AS DEEMED FIT AND
            SET ASIDE THE APPELLATE ORDER DATED 13/10/2022 PASSED
            BY THE INCOME TAX APPELLATE TRIBUNAL, 'B' BENCH,
            BANGALORE.

                THIS APPEAL, COMING ON FOR ADMISSION, THIS DAY,
            JUDGMENT WAS DELIVERED THEREIN AS UNDER:

            CORAM:    HON'BLE MR JUSTICE V KAMESWAR RAO
                      and
                      HON'BLE MR JUSTICE S RACHAIAH
                                       -2-
                                                    NC: 2024:KHC:45426-DB
                                                       ITA No. 615 of 2023




                          ORAL JUDGMENT

(PER: HON'BLE MR JUSTICE V KAMESWAR RAO)

The appeal has been filed challenging the order dated

13.10.2022 passed by the Income Tax Appellate Tribunal, 'B'

Bench, Bengaluru in appeal proceedings in ITA

No.54/Bang/2020 for the assessment year 2010-11.

2. That appeal was filed by the Revenue. Suffice to

state the cross objections filed by the respondent-

M/s. R. Muniraju (HUF) have been dismissed.

3. Mr. E.I. Sanmathi, learned counsel for the

appellants raises the following substantial questions of law

which are at Serial Nos. 1 and 3 (not 2) of the paper book

which we reproduce as under:

1. "Whether on the facts and in the circumstances of the case, the Tribunal's order is perverse in holding that the guideline value of Rs.520 per sq ft which is not the correct value of sale consideration is to be adopted instead of Rs.2505/- per sq ft for computing the capital gain"?

3. "Whether on the facts and circumstances of the case and in law, the Tribunal was perverse in holding that there is no loss to the revenue since the assessee would be paying the capital gain at the time of the sale of the flats in the subsequent years i.e. AY 2013-14 to 2017-18?"

NC: 2024:KHC:45426-DB

4. The ITAT has relied upon the judgment of this Court

in the case of Principal Commissioner of Income-tax Vs.

CPC Logistics Ltd., in IT Appeal Nos. 653 of 2016 and 11

of 2017 wherein the appeal filed by the Revenue was

dismissed on 01.12.2021.

5. Mr. Sanmathi E.I., learned counsel for the

appellants states, though he could not ascertain whether the

judgment in Principal Commissioner of Income-tax Vs.

CPC Logistics Ltd., has been taken in appeal, he does not

dispute the issue which falls for consideration in this appeal is

covered by the said judgment of Principal Commissioner of

Income-tax Vs. CPC Logistics Ltd., (supra). If that be so,

no substantial questions of law arises for consideration in this

appeal. The appeal of the revenue is dismissed in favour of the

assessee. No costs.

Sd/-

(V KAMESWAR RAO) JUDGE

Sd/-

(S RACHAIAH) JUDGE