The Commissioner Of Income Tax – 16, Mumbai v. M/S.sumi Gems

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.940 OF 2010 The Commissioner of Income Tax – 16, Mumbai..Appellant. Versus M/s.Sumi Gems..Respondent. Mr.D.K. Kamwal for the appellant. Mr.Jayendra S. Shah for the respondent. CORAM : Dr.D.Y. Chandrachud & J.P. Devadhar, JJ. DATE : 6 August 2010. P.C. : 1.The Revenue is in appeal against the order of the Income Tax Appellate Tribunal dated 20 October 2009 pertaining to assessment year 2003-2004. The Tribunal has remanded the proceedings back to the Assessing Officer holding that it is covered by the judgment in Lalsons Enterprises 89 ITD 25 and in Commissioner of Income Tax V/s. Shriram Honda Power Equipment & Others, 289 ITR 475 (Del.). AGK 2.The learned Counsel are agreed in stating before the Court that while deciding the issue upon remand, the Assessing Officer shall have due regard to the judgment of this Court in the case of Commissioner of Income Tax V/s. Asian Star Co. Limited (Income Tax Appeal No.200 of 2009) decided on 18/19 March 2010. 3.There shall be an order in these terms. The appeal is accordingly disposed of. There shall be no order as to costs. (J.P. Devadhar, J.) (Dr.D.Y. Chandrachud, J.)