Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 1285 - HC - Income TaxDeduction on account of payments made to the retired partners under the provisions of the partnership deed - Constitution of income of firm - Held that:- Issue is squarely covered in favour of the Assessee and against the Revenue by the judgment and order of this Court dated 25.07.2008 in the case of Commissioner of Income Tax v/s M/s C.C. Chokshi & Company [2008 (7) TMI 1055 - BOMBAY HIGH COURT]. We have been shown another order following this judgment and delivered in relation to the same Assessee/ M/s A.F. Ferguson and Company.[2012 (1) TMI 357 - BOMBAY HIGH COURT]. We are of the opinion that simple answer to this contention is that so long as the judgment delivered by this Court and which is final is not set aside by the higher court, it continues to bind us. That appeal is filed against that judgment and which appeal is pending, is no answer. We will go by the binding principle and judicial discipline. In doing so we would be upholding the rule of consistency.
|