2008 (1) TMI 7

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iling of paper book, we frame the following substantial question of law for consideration: Whether the Income Tax Appellate Tribunal was justified in differing with the view taken by a co-ordinate Bench of the Tribunal in respect of the same Assessee for the assessment year 1985-86? The question that arose on the merits of the case before the Tribunal was whether on revaluation of the stock in t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the Commissioner, which it found to be sound and convincing, so as not to warrant any interference with the order passed by the Commissioner. When the same issue arose in the present assessment year 1992-93, the Assessing Officer again took a view which was not favourable to the Assessee with the result that the Assessee preferred an appeal before the Commissioner, but by an order dated 10th Marc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed on the earlier occasion; thirdly, that the issue raised was 'sensitive' and was not deliberated upon by the Tribunal on the earlier occasion. On this basis, the Tribunal declined to follow the order passed in respect of the assessment year 1985-86.  It is now well settled that when one Bench of the Tribunal takes a view, then another Bench of the Tribunal cannot pass a contrary order but m....