TaxTMI 
TaxTMI 
2014 (2) TMI 232
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....eard together and are being disposed of by this common order, for the sake of convenience. 2. The only issue that arises for our consideration relates to the determination of income in the hands of the assessees herein for the years under consideration. 3. The facts relating to the said issue are stated in brief. The assessee-companies are carrying on business of purchase and sale of foreign currencies, travellers cheques, handling of remittances etc. These assessees have set up liaison offices in India in order to enable the remittances into India on behalf of the people working abroad. The Assessing Officer estimated income pertaining to the Indian operations at 25% of the total commission income earned out of the remittances made t....
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.... with regard to the assessment of the impugned income deleting the same altogether if that is what the Hon'ble court has held. Further, we are also conscious of the fact that the Revenue may not accept the said order and may contest the same before the Apex Court. As such, to safe guard the interest, it is also held that the impugned assessment(s) would be subject to any modification in the Order of trh Hon'ble Delhi High Court as directed under a due process of law". 4. Subsequently, when the appeals filed by other assessees on identical issue, this bench of the Tribunal passed order upholding the order of Ld CIT(A) in determining the gross receipts of the assessees @ 110% of the expenses, on the impression that the co-ordinate bench of....
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....een taken note of by the Tribunal while passing the orders in the instant cases. 4. On a careful perusal of the order dated 30-03-2010 rendered by the co- ordinate bench ( referred supra), we find merit in the contentions raised by the Ld. AR. 5. Accordingly, we substitute the paragraphs 4 to 7 of the impugned common order dated 10-08-2012 with the following paragraphs. "4. We have heard the rival contentions and perused the record. we notice that the co-ordinate bench of the Tribunal in the case of UAE Exchange Centre, M.G. Road, Ernakulam in I.T.A. Nos. 461 to 467/Coch/2006 and others has considered an identical issue and has remitted the matter back to the file of the Assessing Officer with a direction to follow the decision ren....
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....en by the Co-ordinate bench in the cases cited above, we set aside the impugned orders passed by Ld. CIT(A) and remit the matter back to the file of the Assessing Officer with a direction to follow the decision rendered by the Hon'ble Delhi High Court in the case of U.A.E Exchange Centre Ltd Vs. UOI and Anr. (W.P (C) No.14869/2004 dated 13-02-2009), which was referred by the co-ordinate bench." 5. The Ld A.R submitted that the revenue had filed an appeal before Hon'ble High Court of Kerala, against the order dated 30-03-2010 passed by the Tribunal in the case of M/S UAE Exchange Centre, M.G. Road, Kochi in ITA No.533/2010 and the jurisdictional High Court, vide its order dated 12-12-2011, disposed of the same with the following observati....