:1: bgp bgp bgp IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME INCOME INCOME TAX APPEAL NO.403 OF 2003 TAX APPEAL NO.403 OF 2003 TAX APPEAL NO.403 OF 2003 Walchand & Company Pvt. Ltd. ..Appellant Vs. The Deputy Commissioner of Income Tax ..Respondent Mr.M.Subramanian with Mr.V.S.Hadade for the Appellant. Mr.Vimal Gupta for the Respondent. CORAM CORAM CORAM :- DR.S.RADHAKRISHNAN & :- DR.S.RADHAKRISHNAN & :- DR.S.RADHAKRISHNAN & S.J.KATHAWALLA, S.J.KATHAWALLA, S.J.KATHAWALLA, JJ. JJ. JJ. DATE DATE DATE : 27TH AUGUST, 2008 : 27TH AUGUST, 2008 : 27TH AUGUST, 2008 P.C. P.C. P.C. 1. Heard the learned Counsel for the parties. After hearing the parties for some time and after going through the judgments in the case of CIT Vs. CIT Vs. CIT Vs. General General General Insurance Corporation of India (No.2) 254 ITR Insurance Corporation of India (No.2) 254 ITR Insurance Corporation of India (No.2) 254 ITR 204, 204, 204, CIT Vs. General Insurance Corporation of India CIT Vs. General Insurance Corporation of India CIT Vs. General Insurance Corporation of India (No.1) (No.1) (No.1) 254 254 254 ITR 203, CIT Vs. Central Bank of India 264 ITR 203, CIT Vs. Central Bank of India 264 ITR 203, CIT Vs. Central Bank of India 264 ITR ITR ITR 522 and CIT Vs. Emrald Co.Ltd. (2006) 284 ITR 522 and CIT Vs. Emrald Co.Ltd. (2006) 284 ITR 522 and CIT Vs. Emrald Co.Ltd. (2006) 284 ITR 586 586 586 (Bom), (Bom), (Bom), it would be more appropriate if the Tribunal considers the entire issue De-Novo and hear the matter afresh. 2. Under the aforesaid facts and circumstances of the case, by consent of both the parties, the order dated 5th February,2003 passed by the Income Tax Appellate Tribunal in the above is set aside. Both the parties agreed that no reasons need to be recorded. :2: 3. The Tribunal is requested to dispose of the above Appeal after affording an opportunity of personal hearing to both the parties, afresh as expeditiously as possible preferably within a period of six months. Appeal stands disposed of accordingly. (S.J.KATHAWALLA,J.) (S.J.KATHAWALLA,J.) (S.J.KATHAWALLA,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.)