Vs.m/S.venus Wire Industries Pvt. Ltd v. Kalpataru Colours And Chemicals (Ita(L) 2887 Of 2009

IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.3540 OF 2010WITHINCOME TAX APPEAL NO.3624 OF 2010 The Commissioner of Income Tax-7 Vs.M/s.Venus Wire Industries Pvt. Ltd. .... Mr. Suresh Kumar for the Appellant.Mr.Pankaj Toprani for the Respondent. ..... ..Appellant. ..Respondent. CORAM : DR.D.Y.CHANDRACHUD & J.P.DEVADHAR, JJ. 29 June 2010. P.C. : 1.Four questions of law have been raised by the Revenue in these appeals under Section 260-A of the Income Tax Act, 1961. Insofar as the first three questions are concerned, counsel appearing on behalf of the Revenue and counsel appearing on behalf of the assessee are agreed that the questions would be governed by the judgment of this Court delivered today in Commissioner of Income Tax v. Kalpataru Colours and Chemicals (ITA(L) 2887 of 2009). We accordingly dispose of both these appeals in terms of the judgment in the aforesaid case and direct that on remand, the Assessing Officer shall pass fresh orders in accordance with law in the light of the judgment of this Court. 2.Insofar as the fourth question is concerned, counsel appearing on behalf of the Revenue states that it is covered against the Revenue and in favour of the assessee by the judgment of a Division Bench in the Commissioner of Income Tax v. WMI Cranes Ltd. (ITA 1155 of 2007 decided on 9 October 2007). The fourth question will therefore not raise any substantial question of law. The appeals are accordingly disposed of. There shall be no order as to costs. (Dr. D.Y.Chandrachud, J.) (J.P. Devadhar, J.)