Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 45 - AT - Income TaxNetting off interest earned on deposit of margin money with the interest payable on term loans - CIT(A) allowed the relief following the decision of Hon'ble Jurisdictional High Court in the case of CIT Vs. Sasan Power Ltd. vide [2012 (1) TMI 25 - DELHI HIGH COURT] and Shree Ram Honda Power Equipment – [2007 (1) TMI 86 - HIGH COURT, DELHI]. The Revenue has not disputed the applicability of the above decisions to the facts of the assessee’s case. From ground No.2 of the Revenue’s appeal, it is evident that the Revenue is disputing the matter in appeal because the Revenue has filed the SLP against the decision of Hon'ble Jurisdictional High Court in the case of Sasan Power Ltd. (supra) which is pending for adjudication. - Held that:- The decision of Hon'ble Jurisdictional High Court is binding upon all the authorities working within the jurisdiction of the said High Court. Therefore, the decision of Hon'ble Jurisdictional High Court in the case of Sasan Power Ltd. (supra) is binding on the ITAT as well as the CIT(A) in Delhi irrespective of the Revenue’s challenge to the above decision in SLP before the Hon’ble Apex Court. Unless and until the said decision is modified or reversed by the Hon'ble Jurisdictional High Court, the same would be binding on all the authorities within the jurisdiction of Hon'ble Delhi High Court. In view of the above, we find no infirmity in the order of learned CIT (A). - Decided against Revenue.
|