TaxTMI 
TaxTMI 
2010 (5) TMI 99
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....226 of the Constitution has been instituted in order to challenge an order passed by the Income Tax Appellate Tribunal on 20 November 2009, by which a Miscellaneous Application filed by the petitioner under Section 254 was dismissed. The dispute in the present case arises out of the proceedings for assessment year 1997-1998. 3. The petitioner acquired a membership card of the Bombay Stock Exchange for a consideration of Rs.1.81 crores which was paid to an existing member of the Stock Exchange. The Assessing Officer did not accept the case of the assessee that it would be entitled to depreciation on the cost of the membership card. In Appeal, the Commissioner (Appeals) by an order dated 11 April 2001 allowed the claim of the assessee toward....
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....ings, Counsel appearing on behalf of the petitioner has stated that the hearing before the Tribunal took place on 27 May 2008. The decision of the coordinate bench of the Tribunal in Khandwala Finance Limited was published in a journal for the period between 20 and 26 May 2008 and as a matter of fact was not available when the appeal was argued before the Tribunal on 27 May 2008. Now, a perusal of the impugned order of the Tribunal on the Miscellaneous Application would show that the Tribunal considered it appropriate to rely upon the decision in Khandwala Finance Limited, which was a decision of a coordinate bench, to which one of the members of the Tribunal was a party. There appears to be no dispute about the factual position that the de....
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....d to this submission since we had called upon the Counsel appearing on behalf of the assessee to at least prima facie indicate to this Court as to whether there were grounds for urging that the decision in Khandwala Finance Limited is distinguishable. We do not propose to render any conclusive finding or even an opinion of this Court on that aspect of the matter. However, it would be necessary to note that the distinguishing features in the case of Khandwala Finance Limited which have been pointed out during the course of submissions by Counsel for the assessee are sufficient for this Court to hold that an opportunity should be granted to the petitioner to place its case on the applicability or otherwise of the decision in Khandwala Finance....