TaxTMI 
TaxTMI 
2013 (10) TMI 1424
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....f manufacturing and sale of Indian made foreign liquor, bulk drugs and other lines of business. For the A.Y. 2006-07, the assessee company filed its return of income on 30.11.2006 admitting a total income of Rs. 95,25,685. Thereafter, the assessee filed revised return of income on 27.02.2008 admitting a loss of Rs. 2,87,70,415. Original assessment u/s. 143(3) of the Act was completed by the AO on 30.12.2008 determining the total income of the assessee at Rs. 27,26,773 and long term capital gains at Rs. 1,44,360. Thereafter, the CIT(A)-IV, Hyderabad invoked the provisions of section 263 of the Act and passed a revision order under that section of the Act. Against the above order u/s. 263, the assessee filed an appeal before this Tribunal. As....
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....ement of Madhya Pradesh High Court, Indore Bench, in the case of Aggarwal Warehousing & Leasing Ltd. vs. CIT (257 ITR 235). Thus, the learned CIT should not have committed any judicial impropriety in refusing to follow the order of the Tribunal. Even if he had any remote reservation about correctness of the decision of the Tribunal, he should have followed that order. He could and should have left it to the Department to take the matter in further appeal to the Hon'ble High Court for taking an appropriate decision thereon. Be that as it may be, and having expressed our opinion that the decision by the Tribunal will prevail over the decision taken by the first appellate authority on the persistent effort made by the CIT to disallow the claim....
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....ement of the Tribunal shows that it has, in fact, done so, there is no reason to interfere with the decision of the Tribunal. The CIT is not justified in finding a hole in the order of the Tribunal so as to disallow the claim of the assessee towards Trade Scheme Expenditure. In our opinion, the comments of the CIT regarding the interpretation taken by the Tribunal on earlier occasion deserves to be repudiated as a fact of gross judicial indiscipline. Certainly, the earlier view of the Tribunal is to be followed. Contrary view by the CIT subsequent to the order of the Tribunal cannot be upheld. The principles of judicial discipline require the CIT/CIT(A) to follow the order of the Tribunal on the issue unreservedly. The approach of the CIT i....