COMMISSIONER OF INCOME TAX Vs. RANBAXY LABORATORIES LTD

JUDGEMENT

(1.) In this appeal following questions of law are proposed by the Revenue:

(2.) In so far as question No. (a) is concerned, after reading the order of the CIT (A) as well as the ITAT, we found that it does not arise for consideration in this appeal. The Tribunal vide impugned order has decided the appeals of the Respondent Assessee pertaining to assessment year 1999-2000 and 2001-02. In this appeal we are concerned with assessment year 2001-02. From the order of the CIT (A) as well as ITAT, we find that this question of law pertains to assessment year 1999-2000 and not this year.

(3.) In so far as question No. (b) is concerned, Mr. Syali, learned Senior Counsel appearing for the Respondent/Assessee fairly concedes that this issue has to be decided in favour of the Revenue in view of the judgment of Supreme Court in the case of Liberty India v. Commissioner of Income Tax, 2009 317 ITR 218.