C I T vs. M/S PUNJAB STATE WAREHOUSING CORP.

Facts

The Revenue, Commissioner of Income Tax-I, Chandigarh, has filed an appeal against the order dated 24.12.2007 passed by the Income Tax Appellate Tribunal (Tribunal), Chandigarh Bench 'B'. The assessee is M/s Punjab State Warehousing Corporation Ltd., Chandigarh. The parties have agreed that a similar appeal concerning the preceding assessment year, ITA-848-2008, between the same parties, has already been remitted to the Tribunal. Therefore, they have requested that the same order be passed in the present appeal.

Held

The High Court, noting the agreement between the counsels for both the Revenue and the Assessee, decided to follow the order passed in the similar appeal for the preceding assessment year (ITA-848-2008). Consequently, the impugned order dated 24.12.2007 passed by the Tribunal was set aside. The matter was restored to the Tribunal for adjudication afresh and in accordance with law, as per the directions issued in ITA-848-2008. The High Court did not decide the merits of the case but remitted it for a fresh hearing.

Key Issues

1. Whether the High Court should remit the matter to the Income Tax Appellate Tribunal for fresh adjudication, given that a similar appeal for the preceding assessment year has been remitted. Contentions: Assessee: Relied on the precedent of ITA-848-2008, where a similar appeal was remitted to the Tribunal. Revenue: Agreed with the assessee's submission and requested a similar order of remittance.