M/S Vardhman Spinning And General Mills Ltd v. Commissioner Of Income Tax, Range-I, Ludhiana & Another

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH I.T.A No. 329 of 2007 Date of decision : September 05, 2008 M/S Vardhman Spinning and General Mills Ltd. ...... Appellant through Mr.Akshay Bhan, Advocate v. Commissioner of Income Tax, Range-I, Ludhiana & another, ...... Respondents CORAM : HON'BLE MR.JUSTICE ADARSH KUMAR GOEL HON'BLE MR.JUSTICE AJAY TEWARI *** 1. Whether Reporters of Local Newspapers may be allowed to see the judgment ? judgment ? 2. To be referred to the Reporters or not ? 3. Whether the judgment should be reported in the Digest ? *** AJAY TEWARI, J The present appeal proposes the following questions of law:- “ i)Whether in the facts and circumstances of thepresent case the impugned orders A-1 to A-3 are legallysustainable in the eyes of law ? ii)Whether in the facts and circumstances of thepresent case the Hon'ble ITAT was right in holding thatat the time of determination of profit of business for thepurpose of deduction under section 80 HHC of the Act,that whether the interest component added therein is tobe excluded to give effect to the provisions in its trueletter and spirit ? I.T.A No. 329 of 2007 The above mentioned questions of law have been considered inITA No.340 of 2007 which was filed by the appellant in respect of theassessment year 1994-1995. The present appeal proposes the same questionsfor the assessment year 1997-1998. The Tribunal has decided the same byfollowing the judgment of this Court in CIT-III, Ludhianavs M/S MalwaCotton Spinning Mills Ltd Ludhiana( ITA No.94 of 2006 decided on22.12.2006). In view thereof, the proposed questions of law do not arise.Consequently, the present appeal is dismissed with no order as to costs. ( AJAY TEWARI ) JUDGE September 05, 2008'kk' ( ADARSH KUMAR GOEL ) JUDGE