COMMISSIONER OF INCOME TAX Vs. LUWA INDIA LTD

JUDGEMENT

(1.) This appeal is filed by the revenue being aggrieved by the order passed by the Income Tax Appellate Tribunal Bangalore Bench A (hereinafter called the ITAT) in ITA No. 1301 (Bang/2002 dated 22-5-2006 for the assessment year 1997-98 wherein the appeal filed by the Revenue was dismissed and cross objection filed by the assessee has been allowed. The material facts necessary for consideration of the substantial questions of law that arises for consideration in this appeal are as follows:

(2.) The appeal has been admitted on 30-8-2007 to consider the following substantial questions of law which arise for determination in this appeal.

(3.) We have heard the learned counsel appearing for the appellant and the learned counsel appearing for the respondent in the light of the decisions relied upon by learned counsel appearing for the parties.