TaxTMI 
TaxTMI 
2015 (1) TMI 1208
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....S.40(a)(ia) of the Income Tax Act,1961 and observed as under- "57. We heard both sides and perused the impugned orders of the lower authorities. We find that the decision of the CIT(A) while deleting the disallowance made by the Assessing Officer under S.40(a)(ia) of the Act, is based on the Special bench decision of the Visakhapatnam Tribunal in the case of Merilyn Shipping & Transport in ITA No.477/Viz/2008 dated 29.3.2012. We find that the said decision of the Special Bench has been stayed by the Hon'ble High Court of Andhra Pradesh vide its interim order dated 8th October, 2012. That being so, in the interests of justice, we set aside the impugned order of the CIT(A) on this issue and restored this aspect of the matter to the file of ....
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.... the case of Merylin Shipping and Transport, stayed the operation of the order passed by the Special Bench, and keeping in view this peculiar circumstance, the Tribunal had to pass an order by merely setting aside the issue to the file of the Assessing Officer to consider the issue afresh in line with the probable view that may be taken by the Hon'ble High Court in the case of Merylin Shipping and Transport. 4. Having regard to the peculiar circumstances of the case, the High Court having noticed the 'cachce-22' situation in which it was placed in, clarified the concept of 'precedent' and in this regard observed as udner "We are of the view that until and unless the decision of the Special Bench is upset by this Court, it binds....
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....khapatnam Special Bench in the case of Merylin Shipping and Transport (supra), and the view taken by the Hon'ble Allahabad High Court was impliedly affirmed by the Hon'ble Supreme Court by dismissing an SLP sought by the Revenue, and thus the view taken by the ITAT Special Bench Visakhapatnam deserves to be followed. (a) Decision of Hyderabad Bench 'A' of the Tribunal in Ushodaya Enterprises Ltd. Hyderabad V/s. Dy. Commissioner of Income-tax Circle 16(2), Hyderabad (ITA Nos.676/Hyd/2009 & 411/Hyd/2010 dated 7.1.2015) (b) Decision of Mumbai Bench 'A' of the Tribunal in M/s. Arcadia Share & Stock Brokers Pvt. Ltd., Mumbai V/s. Dy. Commissioner of Income-tax, Range 4(1), Mumbai (ITA No.1871/Mum/2013 dated 22.12.2014) 6. The Learne....