2007 (8) TMI 753

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....2007 passed by the Income-tax Appellate Tribunal, Delhi Bench "E" in ITA No. 473/Delhi/2006 relevant for the assessment year 2001-02. 2. Admit. 3. After hearing learned counsel for the parties, the following substantial question of law is framed for consideration : "Whether, while deciding the appeal of the assessee, the Income-tax Appellate Tribunal was justified in ignoring the....

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....should pay respect and follow the orders of the co-ordinate Benches wherein on identical facts and identical issue has been decided and hence in this view of the matter and respectfully following the decisions (supra) of the Tribunal, the issue involved in the grounds of appeal of the assessee is decided in favour of the assessee and against the revenue and consequent upon the same the order of th....

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....made any attempt whatsoever to consider or distinguish the judgment of the Bombay High Court in Veekaylal Investment Co. (P.) Ltd.'s case (supra ) on which reliance was placed by the revenue. Judicial propriety, to which the Tribunal has adverted, also demands that when there is a judgment of a superior court, in this case the Bombay High Court, that judgment should be considered by the Tribunal a....