Judgment :- Cyriac Joseph, J.: 1. Shri P.K. Ravindranatha Menon, learned senior counsel appearing for the appellant and Shri A.K. Jaya Sankar, learned counsel appearing for the respondent submit that in view of the decision of the Hon’ble Supreme Court in IPCA Laboratory Ltd. v. Deputy Commissioner of Income Tax [(2004) 226 ITR 521] the impugned order of the Income Tax Appellate Tribunal is liable to be set aside and the first appellant authority, i.e., the Commissioner of Income Tax (Appeals) is liable to be directed to consider the matter afresh in the light of the above mentioned decision of the Hon’ble Supreme Court. On a perusal of the decision of the Hon’ble Supreme Court, we find that the submission made by the learned counsel for the parties is correct. 2. Hence the impugned order of the Income Tax Appellate Tribunal is set aside. The first appellate authority – Commissioner of Income Tax (Appeals), is directed to consider the matter afresh and pass appropriate orders in the light of the above mentioned decision of the Hon’ble Supreme Court.