TMI Blog2013 (12) TMI 1695X X X X Extracts X X X X X X X X Extracts X X X X ..... Sanjay Arora, A. M. : Both the captioned appeals were heard on 15.05.2013 by a Division Bench of this Tribunal. The common order was proposed by the Accountant Member (AM) on 04.07.2013. In view of a difference of opinion in respect of the assessee's appeal (in ITA No.5724/Mum/2011), the matter was referred to the hon'ble President u/s. 255(4) of the Act. The learned Third Memb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Id. TM, shall form part of this order. Assessee 's Appeal (ITA No. 5724/MuW2011) 3. No submissions were made for and on behalf of the Revenue, while the assessee was unrepresented at the time of the final posting (06/12/2013). We accordingly proceed to pass the confirmatoty order as under: The following point/s of difference were referred to u/s.255(4) by the Members ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court in CCI Ltd. vs. Jt. CIT [2012] 250 CTR 291 (Kar), which has not considered the applicability of the judgment of the hon'ble jurisdictional high court in Godrej Boyce Manufacturing co. Ltd. vs. Dy. CIT [2010] 328 ITR 81 (Bom) to the issue under appeal, can be followed, as it has been in the decisions referred to by the Id. JM in his dissenting order, or is the said judgement of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt view' in the matter, as observed by the Id. JM in his dissenting order, notwithstanding the fact that the tribunal has also, as in American Express Bank Ltd. ('in ITA No. 5904 6022/MuW2010 dated 08.08.2012) and Dy. CIT vs. Damani Estates Finance Pvt. Ltd. (in ITA No.3029/Mum/2012 dated 17.07.2013), following the hon'ble jurisdictional high court in Godrej Boyce (supra) and hon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch income are held as stock-in-trade? The Id. Third Member (TM) has since, i.e., per his separate order dated27.11.2013, concurred with the view expressed by the AM vide para 12 of his order. The assessee's appeal is accordingly decided as per the majority view. 4. In the result, the Revenue's appeal is dismissed and the assessee's appeal is partly allowed. O ..... X X X X Extracts X X X X X X X X Extracts X X X X
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