COMMISSIONER OF INCOME TAX-I Vs. KARNATAKA TURNED COMPONENTS (P.) LTD.

JUDGEMENT

(1.) This appeal under section 260A of the Income-tax Act, 1961 (for short "The Act") is directed against the order dated 12.10.2012 passed by the Income Tax Appellate Tribunal, Bangalore in ITA No. 1050/2011 whereby the Tribunal confirmed the order passed by the First Appellate Authority dated 8.8.2011. The First Appellate Authority reversed the order passed by the Assessing Officer dated 25.11.2009 in the appeal filed by the assessee. Sri. A. Shankar learned counsel for the respondent-assessee at the outset invited our attention to the judgment of this Court dated 8.1.2014 passed in ITA No. 322/12 Cheif CIT v. Sarva Equity (P.) Ltd,2014 44 Taxman 28and connected appeals to submit that the substantial question of law involved in this appeal is squarely covered by the said judgment. Though in the memorandum of appeal, three substantial questions of law are framed by the Revenue, learned counsel for the parties are ad idem that only the following question arise for our consideration:

(2.) A similar substantial question of law was framed in ITA. No. 322/12 and connected appeals decided on 8.1.2014 and it was answered in favour of the assessee against the revenue.

(3.) Having confronted with the submission of Mr. A. Shankar, Mr. K.V. Aravind, learned counsel for Revenue fairly states that this appeal can also be disposed of in terms of the said judgment answering the above substantial question of law in favour of the assessee and against the revenue.