M/S Anant & Company v. The Commissioner Of Income

-1- IN THE HIGH COURT OF JUDICATURE AT BOMBAY O.O.C.J. Income Tax Appeal No. 349 of 2004 M/s Anant & Company ..Appellant vs. The Commissioner of Income Tax City I ..Respondent Mr.Jitendra Jain i/b M/s Thakore Jariwala and Associates for appellant. Mr.P.S.Sahadevan for respondent. CORAM: Dr.S.RADHAKRISHNAN &S.J.KATHAWALLA JJ. 4th September,2008 CORAM: Dr.S.RADHAKRISHNAN & S.J.KATHAWALLA JJ. 4th September,2008 P.C. P.C. 1. Heard the learned Counsel appearing for the appellant and the learned Counsel appearing for the respondent. 2. Mr.Sahadevan undertakes to file vakalatnama on or before 8th September, 2008. 3. The above appeal was admitted on 22nd November, 2005 on the following substantial question of law. "Whether the Tribunal was justified in holding that the indenting commission received do not have any nexus with the profits derived from export of goods without going into the nature of commission and its -2- relation to the export activities?" 4. The learned Counsel for the appellant brought to our notice that the Tribunal has decided the substantial questions of law based on the judgment of our Court delivered in the case of IT Vs. K.K.Doshi and Co. reported in 245 ITR 849 (Bom). The learned Counsel for the appellant submitted that now the aforesaid judgment has been over ruled by the Hon’ble Supreme Court of India in K.K.Doshi and Co. Vs. Commissioner of Income Tax reported in (2008) 297 ITR 38 (SC). In the light of the above on this limited ground that both the questions of law were answered based on the Bombay High Court judgment has now been overruled by the Hon’ble Supreme Court, hence, we set aside the order of the Income Tax Tribunal dated 9th August, 2002 and order of the CIT (Appeals) and remit the matter back to the original assessing officer to consider the matter only with respect to "indenting commission" afresh specially in the light of the aforesaid judgment of the Supreme Court. Appeal stands disposed of accordingly. (S.J.KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J.KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.)