The Commissioner Of Income Tax-10 v. M/S. Galaxy Surfactants Ltd

ASN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1244 OF 2012 The Commissioner of Income Tax-10...Appellant.v.M/s. Galaxy Surfactants Ltd. ..Respondent. Mr,. Tejveer Singh for the Appellant. Mr.A.K.Jasani with Mr. P.C.Tripathi for the Respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATE : 09TH JANUARY, 2013 PC: This appeal by the revenue against the order dated 24/2/2012 passed by the ITAT raises the following question of law for consideration of this Court. Whether on the facts and in the circumstances of the case, the High Court was justified in confirming the order of the Tribunal for allowing deducting of Rs.5,65,77,087/- claimed by the assessee company under Section 10B of the Income Tax Act in respect of its Exports Oriented Units and thereby allowing set off against other business units even though the assessee company company had not opted for the provisions of Section 10B to be not made applicable to it as required under Section 10B(B) of the Income Tax Act but had instead opted to take the benefit of section 10B by claiming it in its computation of Income and filing the report prescribed in Form 56G along with its Return of Income as required under section 10B(4) of the Income Tax Act? 2)The Advocate for the appellant and the respondent assessee have agreed that above question stands covered by the decision of this court in assessee's own case in Income Tax Appeal No.3465/2010 by order dated 7/2/2012 in favour of the assessee and against the revenue. 3)In view of the above, no substantial question of law arises. Accordingly, the appeal is dismissed with no order as to costs. (M.S.SANKELCHA, J.) (J.P. DEVADHAR, J.)