Karnataka Court July 2009 Judgments
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The Commissioner of Income Tax and the Assistant Commissioner of Incom ...
Court: Karnataka
Decided on: Jul-01-2009
Aravind Kumar, J.1. The Revenue is in appeal challenging the order passed by the Income Tax Appellate tribunal in ITA No. 1217/Bang/2003 dated 14.1.2004 whereunder the Tribunal confirmed the order passed by the first appellate authority. The assessee filed return of income on 15.2.2002 declaring nil income and claimed exemption under Section 10(23C)(vi) of the Income Tax Act, 1961 (in short the Act').2. The assessing officer, on verification of the record found that assessee is not recognised under Section 10(23C)(vi) of the Act since assessee's application for recognition under Section 10(23C)(vi) filed on 21.9.99 was pending before the authorities and rejected the claim of the assessee for grant of exemption under Section 10(23C)(vi) for the assessment year 2000-01 of the Act and the said income was also brought to tax under the Act. The assessing officer also noted in the said Assessment order with regard to claim of the assessee regarding registration under Section 12A which reads ...
Sri H.L. Srinivasa Gupta S/O. M. Lakshmipathi Setty, Vs. Sri H.L. Srid ...
Court: Karnataka
Decided on: Jul-01-2009
Anand Byrareddy, J.1. Heard the counsel for the parties.2. The parties are referred to by their rank before the trial Court for the sake of convenience.3. The appeal is by the plaintiffs. The plaintiffs No. 1 and 2 and the defendants No. 1, 2 and 3 are all sons of late Lakshmipathi Setty. It was contended by the plaintiffs in the suit that the parties are members of a Hindu Co-parcenery. That though they are living separately there is no severance of status between them and that they remain undivided. It is contended that the grandfather of the parties had a petty business at Hiriyur which was inherited by their lather and other properties acquired from out of income from that property. The business was styled 'Lakshmipathy Setty & Sons' and run as a partnership firm by the Father along with the plaintiffs, after they came of age.In 1957 the business was shifted to another location and run as 'Sri Srinivasa Stores' and the business is said to have flourished with the active assistance ...