The Commissioner Of Income Tax - 4, Mumbai v. M/S.mega Fine Pharma Private Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.420 OF 2010 The Commissioner of Income Tax - 4, Mumbai..Appellant. Versus M/s.Mega Fine Pharma Private Limited..Respondent. Mr.Vimal Gupta for the appellant.Mr.Paras Savla for the respondent. CORAM : J.P. Devadhar & Smt.R.P. Sondurbaldota, JJ. P.C. : DATE : 1[st] July, 2011. 1.Whether the Income Tax Appellate Tribunal was justified in allowing the deduction under Section 80IA / 80IB of the Income Tax Act, 1961 is the question raised in this appeal. 2.Counsel for the parties state that the question raised in this appeal in respect of two issues namely duty drawback and DEPB are covered in favour of the Revenue by the decision of the Apex Court in the case of Liberty India Limited V/s. CIT reported in 317 ITR 218 (SC) and the third issue needs to be reconsidered in the light of the aforesaid judgment of the Apex Court. 3.In this view of the matter, order dated 24th August 2007 passed by the Tribunal is quashed and set aside and the matter is restored to the file of the Tribunal for consideration afresh. 4. The appeal is accordingly disposed off with no order as to costs. (Smt.R.P. Sondurbaldota, J.) (J.P. Devadhar, J.)