TMI Blog2013 (6) TMI 400X X X X Extracts X X X X X X X X Extracts X X X X ..... Kalpataru Colours and Chemicals [2010 (6) TMI 63 - BOMBAY HIGH COURT] wherein held that sale of the Duty Entitlement Passbook is taxable under section 28(iiid) - face value is not required to be deducted from the sale proceeds . Thus due to judicial discipline, we are procedurally constrained to provide the requisite relief to the assessee as this Tribunal has no authority to direct the AO to follow the decision of the Supreme Court in contravention of the said existing direction of the jurisdictional High Court. Hence, the assessee is directed to approach the appropriate forum to seek the relief in view of the existing direction of the jurisdictional High Court. Appeal filed by the assessee dismissed. - ITA No. 1962 /Mum/2012 - - - D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the appeal within the time period of limitation that Mr. Sukhvinder Singh Bhasin, a partner of the assessee met with an accident and was completely bed ridden for six months and medication continued for about 2 years. Due to the accident, he could not attend the office and hence the order passed by the Ld.CIT(A) has not brought to the notice of the assessee. After considering the relevant record, facts and circumstances of the case as well as the reasons explained by the assessee, we find that the assessee has sufficient reasons for not filing of the appeal within time. It is settled law that while condoning the delay, the court should take a lenient view. It is always a question whether the explanation and reasons for delay was bona fide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsider the claim of the assessee in accordance with the decision of ITAT Mumbai Special Bench in the case of Topman Exports Others [318 ITR 80 (Mum SB)]. However the AO stated that the decision of the Special Bench has been reversed by the jurisdictional High Court in the case of CIT Vs. Kalpataru Colours and Chemicals in ITAL No. 2887 of 2009 dated 28.06.2010. After giving a show cause notice to the assessee and taking the submission of the assessee on record the AO concluded that the decision of Tribunal in Topman's case has got merged with the order of the High Court in the case of Kalpataru Colours and Chemicals. The AO also mentioned that he had received an order of the Hon'ble Bombay High Court in ITA No. 3019 of 2010 dated 25.10.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us. 5. We have heard the rival submissions and perused the material on record. It appears that the AO had received an order of the Hon'ble Bombay High Court in ITA No. 3019 of 2010 dated 25.10.2010 in the appeal preferred by the Revenue before the Jurisdictional High Court against the order of the ITAT in ITA No. 5812/Mum/2008 dated 31.08.2009 directing the AO to consider the claim of the assessee in accordance with the decision of ITAT Mumbai Special Bench in the case of Topman Exports Others [318 ITR 80 (Mum SB)]. In the said judgement, the Hon'ble Bombay High Court has directed the AO to dispose off the issue in the light of their judgment in the case of Kalpataru Colours and Chemicals. 5.1 It is not disputed that the judgement of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
