2021 (9) TMI 62

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..... and hence not taxable as duly supported by Special Bench decision of ITAT in the case of Narang Overseas Pvt. Ltd [ 2008 (2) TMI 817 - ITAT MUMBAI] - CIT(A) has not followed the order of larger special bench of the ITAT in the case of Narang Overseas Pvt. Ltd. - HELD THAT:- Why the decision of larger special bench in Narang Overseas Pvt. Ltd. (supra) which has not been reversed by the Hon ble Jur .....

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..... aim was that the same is capital profit and hence not taxable. That this was duly supported by Special Bench decision of ITAT in the case of Narang Overseas Pvt. Ltd. vs. ACIT [111 ITD 1 (Mum)(SB)] and Hon'ble Bombay High Court decision. However, ITAT had reproduced the order of the ld. CIT(A) in page 12 and thereafter in a very short order had upheld the order of the ld. CIT(A). It is the con .....

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..... ermissible. 4. Upon careful consideration, we find that the contention of the ld. Counsel of the assessee is that ITAT has reproduced the order of the ld. CIT(A) and upheld his order. He submitted that the ld. CIT(A) has not followed the order of larger special bench of the ITAT in the case of Narang Overseas Pvt. Ltd. (supra) and the decision of Hon'ble Bombay High Court in CIT vs. Goodwill .....

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