2010 (7) TMI 1073

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....AKAR REDDY, AM: This appeal filed by the revenue is directed against the order of the Commissioner of Income-tax (Appeals), Central VI, Mumbai, dated 05.01.2009, on the following ground: "On the facts and in the circumstances of the case and in law, the Ld.CIT(A) erred in allowing deductions of Rs. .19,51,254/- in respect of the advance license benefits receivable by the assessee and Duty Free....

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....follows: "Ground No. 9 along with its various parts pertains to taxation of advance Licence Benefit Receivable amounting to ₹ 2,55,42,259/-. The Assessing Officer taxed the same and the learned CIT(A) has upheld the Assessing Officer' s action. Hence the assessee is in appeal before the Tribunal. The learned AR of assessee has contended that this issue is covered in assessee's favour by th....

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....r of account. In our considered opinion, the cited decision squarely applies to the facts of the case in hand. We, therefore, respectfully follow the aforesaid order of the Tribunal and hold accordingly and in turn we delete the addition." Respectfully following the orders of the Co-ordinate Bench of the Tribunal in the assessee's own case, we have to necessary hold that Advance License Benefits....