Itxa/803/2002 Of M/S. Indian Gum Industries Ltd v. Joint Commissioner Of Income Tax And Ors

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 803 OF 2002 M/s. Indian Gum Industries Ltd. … Appellant V/s. Joint Commissioner of Income Tax & Ors. … Respondents Mr. S. Sriram a/w Mr. Mayank Thosar i/b B.V. Jhaveri for the Appellant.Mr. Suresh Kumar for the Respondent. CORAM : M.S. SANKLECHA & SANDEEP K. SHINDE, JJ. DATED : 13[th] JULY, 2018 P.C. :- 1.This Appeal under Section 260A of the Income Tax Act, 1961 (the Act)challenges the order dated 27.09.2007 passed by the Income Tax AppellateTribunal (the Tribunal). 2.This Appeal was admitted on 16.03.2009 on the following substantialquestions of law:- “1. Whether on the facts and in the circumstances of the case, was theTribunal right in law in taking the view that the assessee is entitled toclaim deduction u/s. 80IA on the total income after excluding profits(“deduction”) derived from export business of the two new industrialundertakings where 80HHC claim is allowed? 2. Whether on the facts and in the circumstances of the case, was the Tribunal right in law in applying the provisions of Section 80IA(9A) forassessment years 1997-98 and 1998-99?” 3.This Appeal relates to the Assessment Year 1998-1999. 4.We have today by a separate order in judgment answered both thequestions in Income Tax Appeal No.802 of 2002 filed by the same appellantassessee, relating to Assessment Year 1998-99 on the two identical questions andanswered them in favour of the appellant assessee and against the respondentRevenue. It is an agreed position between the parties that the facts and law areidentical for Assessment Years 1997-98 and 1998-99. Therefore, for the reasonsindicated in our order today in Income Tax Appeal No.802 of 2002, both thequestions are answered in the negative i.e. in favour of the appellant assessee andagainst the respondent Revenue. 5.The appeal is allowed. (SANDEEP K. SHINDE, J.) (M.S. SANKLECHA, J.) 2/2