COMMISSIONER OF INCOME TAX Vs. JIGNESH P. SHAH

JUDGEMENT

(1.) This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 8th May, 2012 passed by the Income Tax Appellate Tribunal (the Tribunal) for the Assessment Year 2007-08.

(2.) The Revenue has formulated the following reframed question of law for our consideration:

(3.) We find that the impugned order has upheld the order of the CIT(A) dated 28th March, 2011, holding that the issue arising before it was covered by the decision of the Special Bench of the Tribunal in Bhaumik Colours Pvt. Ltd. 313 ITR 146 (AT) read with decision of this Court in CIT v/s. Universal Medicare Pvt. Ltd., 2010 324 ITR 263. It is pertinent to note that in paragraph 6 of the impugned order, Tribunal recorded as under: