And A.k. Menon, Jj v. Itxa.1042.12.10

kps IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1042 OF 2012 Finolex Industries Limited.-Versus-Deputy Commissioner of Income Tax. ..Appellant ..Respondent ........... Mr.Mihir Naniwadekar, for the Appellant.Mr.Tejveer Singh, for the Respondent. ........... CORAM: S.C. DHARMADHIKARI AND A.K. MENON, JJ. DATE :- 26[th] September, 2014 P.C.: 1Having heard Mr.Naniwadekar, learned counsel appearing for the Assessee and Mr.Tejveer Singh, learned counsel appearing for the Revenue, what we find is that the Tribunal has not decided anything conclusively, but has remitted the issue and question to the Assessing Officer. The direction in paragraph 6 of the order of the Tribunal dated 30.04.2012 is impugned by the Assessee to the extent that the Assessing Officer has been directed by the Tribunal to verify the claimed interest in the light of the judgment of the Gujarat High Court in the case of Gujarat Flourochemicals Limited v/s Commissioner of Income Tax which has been since reported in [2008] 300 ITR 328 (Guj.). However, Mr.Naniwadekar submits that there is a recent judgment of the Honourable Supreme Court in the case of Union of India v/s Tata Chemicals Limited and Director of Income Tax v/s Reliance Infocomm Limited reported in [2014] 363 ITR 658 (SC), which concludes the issue. 2After perusing the order passed by the Tribunal in it's entirety we do not think that the Appeal should be entertained. At this stage we cannot conclude that the Tribunal has rendered any conclusive finding much less on the legal issue. The Tribunal has remitted the matter back to the Assessing Officer. It may be that it has invited the attention of the Assessing Officer and all concerned to the view taken by the Gujarat High Court. However, once there is a Supreme Court Judgment in the field and according to the Assessee, on the same point, then, while considering the issue in terms of the Tribunal's directions the Assessing Officer is bound to take note of the judgment of the Honourable Supreme Court referred above. He must equally take into consideration the arguments of the parties based on this judgment. Having clarified the matter in this manner there is no room for any apprehension and particularly as suggested by Mr.Naniwadekar. The Appeal is devoid of any merits and is dismissed. No order as to costs. (A.K. MENON, J.) (S.C. DHARMADHIKARI, J.)