The Commissioner Of Income Tax-14 v. M/S.rainbow Silks

IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL (LODG.) NO.502 OF 2010WITH INCOME TAX APPEAL (LODG.) NO.503 OF 2010WITHINCOME TAX APPEAL (LODG.) NO.1010 OF 2010WITH INCOME TAX APPEAL (LODG.) NO.1014 OF 2010 The Commissioner of Income Tax-14 ..Appellant. Vs. M/s.Rainbow Silks ..Respondent. .... Mr. Suresh Kumar for the Appellant.Mr.A.D.Shetty with Mr.R.V.Shetty and Ms.Rita K.Joshi for the Respondent. ..... CORAM : DR.D.Y.CHANDRACHUD & J.P.DEVADHAR, JJ. P.C. : 29 June 2010. By its impugned order the Tribunal has restored the matter to the Assessing Officer for a fresh decision in the light of the judgment in the case ofTopman Exports v. ITO(ITA 5769/Mum/2006 dated 11 August 2009). By the judgment delivered today in the Commissioner of Income Tax v. Kalpataru Colours and Chemicals (ITA(L) 2887 of 2009), the view of the Tribunal in the case of Topman has been disapproved. In the circumstances, these appeals are disposed of, on the request of learned counsel for the Revenue and the assessee, by directing the Assessing Officer to dispose of the proceedings in accordance with law and, while passing fresh orders to have due regard to the judgment of this Court in the case of Kalpataru Colours and Chemicals (supra). The appeals are accordingly disposed of. There shall be no order as to costs. (Dr. D.Y.Chandrachud, J.) (J.P. Devadhar, J.)