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2017 (12) TMI 371 - SCH - Income TaxMesne profits - capital or revenue receipt - whether the Tribunal was correct in holding that mesne profits, cannot be part of book profit u/s. 15JB, as it was held as capital assets? - Held that:- As perused the impugned judgment and order passed by the the High Court of Judicature [2016 (6) TMI 534 - BOMBAY HIGH COURT] whereby the High Court has dismissed the appeal preferred by the appellant herein only on the ground that the decision relied upon by the Tribunal i.e. in the case of Narang Overseas Pvt. Ltd., (2008 (2) TMI 817 - ITAT MUMBAI ) held that the same is capital in nature. We are of the considered opinion that this was not a correct approach of the High Court for the simple reason that merely because one authority has followed its own decision in another case and that matter in appeal has been dismissed on technical grounds still the High Court has to decide the question on merits. Therefore, we set aside the impugned judgment and order passed by the High Court and remand the matter back to the High Court for deciding the same on merits expeditiously and in accordance with law.
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