PRINCIPAL COMMISSIONER OF INCOME TAX Vs. ICI INDIA

JUDGEMENT

(1.) This appeal by the revenue filed under Sec. 260A of the Income Tax, 1961 (the Act, for brevity) is directed against the order dtd. 8/3/2017 passed by the Income Tax Appellate Tribunal, "B" Bench, Kolkata in ITA No.1829/Kol/2013 for the assessment year 2006-07, ITA No.2121/Kol/2013 for the assessment year 2006-07, ITA No.1830/Kol/2013 for the assessment year 2007-08 and ITA No.2122/Kol/2013 for the assessment year 2007-08. The appellant revenue has framed the following substantial question of law for consideration :-

(2.) We have heard Mr. P.K. Bhowmick, learned Standing Counsel appearing for the appellant revenue and Mr. Vishal Kalra, learned Counsel, assisted by Mr. Avra Majumder and Mr. B. Hosen, learned Advocates appearing for the respondent assessee.

(3.) The appellant revenue has challenged the order of the Tribunal by contending that the Tribunal ought not to have followed the decision in the assessee's own case for the assessment year 1994-95. Learned Senior Counsel appearing for the respondent assessee submitted that the order passed by the Tribunal in the assessee's own case for the assessment year 1994-95 has been upheld by the Hon'ble Division Bench of this Court in the case of Commissioner of Income Tax, Kolkata-IV Vs. AKZO Noble India Ltd., reported in (2020) 121 Taxmann.com 216 (Calcutta). There is nothing on record to show whether the said decision has been reversed or modified. Therefore, the issue stands concluded in favour of the assessee. The operative part of the judgment reads as follows :-