” WARD ‘:2 fax,’ HUBLI.
IN THE HIGH COURT OF KARNATAKA
CIRCUIT BENCH AT DHARWAE)
DATED “ms THE 2329 DAY 0:? sEPrEM;n_sEfR~–..29€i:3~
PREsEN::*; _ V _ V
THE HONBLE MR.JusT1ci§;.y§:3,_éABii5«}§;*r. ~. ”
THE HONTBLE Mg,.JusT;c:19:s,N;sg.’1Yé;NARAYg,ivA
MCOME ‘I’AX.V:APf;F,._!’§.L’, .1\i'(i).”_2: 1′.’}8_L2005
Between: H
KO?PIKAR F?._O!§D;_
HUBL1;a:=so 9022:.)
SMT. KAMALAm.\}: 99a9%~9gAmk.%%
V . APPELLANT
(By Sri é11§’1′;~.$R
PASSED BY THE ITAT BANGA.m;es’_’s-“V;~ mi
M.P.NO.51/BANG/03 ANS ALSO 1*:’A.1.fri’.;3{J}9;.{“‘3-;'(3′:a«s
DATED 19.12.03 FOR THE) AssEss;§jje’,N*i*..: 313::-s._Ié –. ”
l998-99.
THIS rm COMING 01%: ‘~..lf’OR ‘.§:I’EAl?IN.C{ ‘
mama J., DELIVERED THE ‘F=Q§;Low1N’a*2.:__ ‘
s 1
This being aggrieved
by t}:1s’.V ViI’1comc-tax Apmiiate
. _’ V Bsnch ‘C’ in
ITA.No .60:9/$’as;g;’.2{i(§:?»:”dated 19.12.2003 and also
fsr the assessment year 1998»-99
order passed by the Commissioner of
Hubli, who inmm. had conflrmed
‘ passsd by the assessing authsrity, wherein
“ti:€;&t1?fasnsactio:1 declared in the regular returns as cash
under Section 68 of the Income-tax Act, 1961.
2. The substantial questions of Law arises for our
determination in this appeal are,
\9+J.
1) Whether the finding of the Income; .1
Tax Appellate Tribunal that the sale: U
transaction as revealed in the ~
returns filed are taxable under .Sfe_<_':i:io'1:a.:" _
68 of the Income-tax Aet;~is4pe§'ve1'se«fiQr V'
arbitrary for non consideratiefi oz' 'thew.
material fact as to whetller "the "
' that are sold under the._t:ransacifio1j1s 2
relied upon by the assesse are the 'V
goods which had betzrg' declared Ttjnder
the applimtion filed" Volmatary
Declaration ':)fI11(-§«oxI;e,' 1997,
which was accepted' by :1;h1"j:_remI1:1e?
2) Whateemexi? 3}
3. 1′ questions of law have
186/2004 arising on identical
facts a’x’1d i.’3w’ é2.9.2008 by a detailed erder
peQ11e’unoee
V T. reasons assigned in the said appeal,
which is applicable on all fours to the
facts” the preaent case, We answer the substantial
7 question of law No.1 in affirmatitve and substantiai
‘ of law No.2 as per final order and pass the
foilowing: