COMMISSIONER OF INCOME TAX Vs. AVINASH JAIN

JUDGEMENT

(1.) This appeal has been filed by the revenue against the order dated 20.07.2012 passed by the Income Tax Appellate Tribunal in ITA No.3379/Del./10. That appeal had also been filed by the revenue in which the following ground was raised in relation to the assessment year 2007-08 :-

(2.) The Commissioner of Income Tax (Appeals) by an order dated 24.06.2010 allowed the appeal of the assessee. Being aggrieved thereby the revenue preferred the said ITA No.3379/Del./10 before the Tribunal on the above mentioned ground.

(3.) The Tribunal noted that the Commissioner of Income Tax (Appeals) had placed reliance, inter alia, on the CBDT circular No.4/2007 dated 15.06.2007 as also upon decisions of the Supreme Court in the cases of CIT Vs. Associated Industrial Development Co. (P) Ltd., 1971 82 ITR 586 and CIT Vs. H.Holck Larsen, 1986 160 ITR 67.