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TMI Blog2007 (8) TMI 753X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal, Delhi Bench E in ITA No. 473/Delhi/2006 relevant for the assessment year 2001-02. 2. Admit. 3. After hearing learned counsel for the parties, the following substantial question of law is framed for consideration : Whether, while deciding the appeal of the assessee, the Income-tax Appellate Tribunal was justified in ignoring the law laid down by the Bombay High Court in CIT v. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rdinate Benches wherein on identical facts and identical issue has been decided and hence in this view of the matter and respectfully following the decisions (supra) of the Tribunal, the issue involved in the grounds of appeal of the assessee is decided in favour of the assessee and against the revenue and consequent upon the same the order of the CIT(A) in this regard is set aside and grounds of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tinguish the judgment of the Bombay High Court in Veekaylal Investment Co. (P.) Ltd. s case (supra ) on which reliance was placed by the revenue. Judicial propriety, to which the Tribunal has adverted, also demands that when there is a judgment of a superior court, in this case the Bombay High Court, that judgment should be considered by the Tribunal and clear reasons should be given why that deci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the Tribunal for a fresh consideration on merits. If the Tribunal continues to hold the view that the decision of the Bombay High Court is not applicable either on facts or law, it should clearly state the reasons for its conclusion. The Tribunal should also consider the decision of any other superior Court cited before it by any of the parties. 10. The substantial question of law is answered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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