2012 (11) TMI 162

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ee by following the judgment of Hon'ble Bombay High Court rendered in the case of CIT Vs Kalpataru Colour & Chemicals Ltd Vs CIT as reported in 328 ITR 451 (Mum.) It is further submitted that this decision of Hon'ble Bombay High Court has been reversed by the Hon'ble Apex Court in the judgement rendered in the case of Topman Exports as reported in 342 ITR 49. It is further submitted that as per the judgement of Hon'ble Apex Court rendered in the case of Saurashtra Kutch Stock Exchange as reported in 305 ITR 227 (S.C.) and as per the judgement of Hon'ble Allahabad High Court rendered in the case of CIT Vs Bindal Industries Ltd. as reported in 328 ITR 160 (Alld.) if the Tribunal decision is not in line with a subsequent decision of Hon'ble Ap .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ex Court in the case of Saurashtsra Kutch Stock Exchange (supra) in which the Hon'ble Apex Court has referred to the judgement of Hon'ble Jurisdictional High court also rendered in the case of Suhrid Geigy Ltd. Vs Commissioner of Sales Tax as reported in 237 ITR 834 wherein, it was held that if the point is covered by a decision of jurisdictional High Court rendered prior or even subsequent to the order of rectification, it can be said to be a mistake apparent from the record u/s 254(2) of the Income tax Act, 1961 and could be corrected by the Tribunal. As per this judgement of Hon'ble jurisdictional high Court, in the present case also, there is an apparent mistake in the impugned tribunal order because the impugned Tribunal order is not i .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ble Gujarat High Court has held in the case of Sayaji Iron & Engineering Co. Vs ACIT (2002) 253 ITR 749 (Guj.) that when Coordinate bench of the Tribunal decision is available, subsequent bench cannot differ and if the subsequent bench is not in agreement then the matter should be referred to the President for constitution of a larger bench. The issue is covered by the decision of Hon'ble Supreme Court in the case of Topman Exports (supra) and accordingly, the A.O. is directed to decide the assessee's claim as per the judgement of Hon'ble Apex Court rendered in the case of Topman Exports (supra). 5. In the result, miscellaneous application of the assessee stands allowed in terms indicated above.
Case laws, Decisions, Judgements, Orders .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X