Heard The Learned Counsel For The Parties v. The Appeal Is, Accordingly, Dismissed. The Miscellaneous Petitions, If Any

THE HON'BLE SRI JUSTICE DILIP B. BHOSALE AND THE HON'BLE SRI JUSTICE A.RAMALINGESWARA RAO I.T.T.A No.122 of 2004 JUDGMENT:(Per Hon’ble Sri Justice Dilip B. Bhosale) Heard the learned Counsel for the parties. Learned Counsel for the respondent, at the outset, invited our attention to thejudgment of the Supreme Court in C.I.T., Rajkot v. Digvijay Cement Co. Ltd.and the judgment of the Madras High Court in Commissioner of Income Taxv. Essar Bulk Carriers Ltd. (decided on 07.11.2001), and submitted that thesubstantial question of law, as framed in the memorandum of appeal, issquarely covered by these judgments. We have perused the judgments of the Supreme Court and the Madras HighCourt and we find that the question, as framed in the instant appeal, is coveredby these judgments. Learned Counsel for the Revenue also does not disputethe submission made by learned Counsel for the respondent – assessee andfairly states that the question raised in the instant appeal be answered in favourof the assessee. In the circumstances, the substantial question of law, as framed in the instantappeal, is answered against the Revenue and in favour of the assessee, as thesame is squarely covered by the aforementioned judgments of the SupremeCourt and the Madras High Court. The appeal is, accordingly, dismissed. The miscellaneous petitions, if any, 07.04.2015vs ______________________(DILIP B. BHOSALE, J) ________________________________(A.RAMALINGESWARA RAO, J)