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Issues involved: Interpretation of substantial question of law raised in the appeal, application of Section 260(1A) of the Income Tax Act, 1961.
Interpretation of substantial question of law: The appellant's counsel acknowledged that the issue raised in the present appeal aligns with a previous court order dated 17-11-2009 in a similar case involving M/s. Prestige Estates Projects (P) Ltd. vs. The Assistant Commissioner of Income Tax. The matter had been escalated to the Supreme Court via SLP (Civil) No.7721/2010, where expedited hearing was granted without a stay. The appellant requested the court to await the Supreme Court's final decision before the Assessing Officer takes any consequential action. Application of Section 260(1A) of the Income Tax Act, 1961: Considering the precedent set by the court's judgment in ITA No.105/2009, the substantial question of law in the current appeal is resolved in favor of the Revenue and against the assessee. Consequently, the court directed the Assessing Officer to defer passing any consequential orders as per Section 260(1A) until the Supreme Court concludes the SLP related to the earlier judgment. However, the Assessing Officer is permitted to collect any outstanding taxes from the assessee during this period. Conclusion: The court disposed of the appeal with the instruction for the Assessing Officer to await the Supreme Court's decision before taking further action, in line with Section 260(1A) of the Income Tax Act, 1961.
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