ITO Vs. ROYAL DIAM

JUDGEMENT

(1.) THIS appeal by the revenue is directed against the order of Commissioner (Appeals) -XIX, Mumbai and relates to the assessment year 1998 -99.

(2.) THE following three grounds taken in this appeal are reproduced here as under :

(3.) I have heard the rival submissions. Both the parties agreed that ground No. 1 is covered against the assessee by the decisions of the jurisdictional High Court rendered in the case of CIT v. : [2000]246ITR439(Bom) and CIT v. : [2000]246ITR443(Bom) Respectfully following the precedents, I decide this issue in favour of the revenue and against the assessee.