CIT Vs. NOVA NORDISK PHARMA INDIA LTD

JUDGEMENT

(1.) The appeal by the Revenue u/s. 260A of the Income Tax Act, 1961 (here in after referred to as 'the Act') against the order dated 22.3.2005 passed by the Income Tax Appellate Tribunal, Bangalore Bench in ITA No. 688/Bang/02 and posing the following substantial questions of law for our answer:

(2.) The appeal had been admitted on 10.9.2007 to examine these two questions.

(3.) The assessee is an Indian Company and assessment year is 1997-98. The assessee company markets pharmaceutical products and one of its products had been got prepared from M/s. Torrent Pharmaceuticals Limited, a product which perhaps was being used as insulin in medically presentable form, raw material for the manufacture of this product was being supplied to M/s Torrent Pharmaceuticals Ltd. by a foreign company by name NOVA Nordisk, Denmark.