Appeal allowed. Tribunal order set aside and earlier CIT order for assessment year 1996-97 restored based on a previous judgment cited.
Order of ITAT set aside; order of CIT for assessment year 1996-97 restored.
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HON'BLE SRI JUSTICE GODA RAGHURAM AND HON'BLE SRI JUSTICE M.S.RAMACHANDRA RAO
I.T.T.A.No.444 of 2005
JUDGMENT: (per Hon’ble Sri Justice Goda Raghuram)
It is represented by Sri S.Ravi, learned senior counsel for the appellant-assessee and fairly conceded by the learned Standing Counsel for Commercial Tax-Sri B.Narasimha Sarma that this appeal requires to be allowed for the reasons recorded in the judgment of this Court dated 05.07.2012 in I.T.T.A.No.8 of 2005.
Consequently, in view of the submission, the order of the Income Tax Appellate Tribunal, Hyderabad Bench dated 09.06.2005 in I.T.A.No.434/Hyd/2000 is set aside and the order of the Commissioner of Income Tax, Hyderabad dated 24.03.2000 in respect of the assessment year 1996-97 is restored.
The appeal is allowed accordingly. No costs.
______________________ JUSTICE GODA RAGHURAM
__________________________ JUSTICE M.S.RAMACHANDRA RAO
09th November 2012 DR
Appellant-assessee
Commissioner of Income Tax
Goda Raghuram
M.S. Ramachandra Rao
As recorded by the court registry
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