STERLING FOODS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE common question referred in these two references under s. 256(1) of the I.T. Act, 1961 (shortly called "the Act"), runs as follows :

(2.) THE facts giving rise to the question are as follows :

(3.) THE assessee preferred appeals before the Appellate Tribunal with the contention that the import entitlements were secured in the course of the business in the industrial undertaking and the profits derived therefrom must, therefore, fall for relief under s. 80HH of the Act. THE Tribunal did not accept that contention. While following the decision of the Supreme Court in Cambay Electric Supply : Industrial Co. Ltd. v. CIT [1978] 113 ITR 84, the Tribunal rejected the contention urged and consequently dismissed the appeals.