LAWS(DLH)-2017-7-122

COMMISSIONER OF INCOME TAX Vs. INTERNATIONAL TRACTORS LTD.

Decided On July 20, 2017
COMMISSIONER OF INCOME TAX Appellant
V/S
INTERNATIONAL TRACTORS LTD. Respondents

JUDGEMENT

(1.) These are appeals by the Revenue under Sec. 260A of the Income Tax Act, 1961 ('Act') directed against the various orders of the Income Tax Appellate Tribunal ('ITAT'). Questions of law

(2.) The questions framed for consideration in each of the appeals (with the corresponding appeal number in the ITAT) read thus: <FRM>JUDGEMENT_122_LAWS(DLH)7_20171.html</FRM>

(3.) The background facts are that the Respondent/Assessee was incorporated in 1995 and is engaged in the business of manufacturing and trading agricultural tractors/tractor parts and components. The Assessee commenced its production in the Financial Year ('FY') 1997-98 and treated it as the 'initial assessment year' for the purposes of claiming the benefit of Sec. 80-IA of the Act. In terms of Notification No. SO 232(E) dated 2nd April, 1991, an industrial undertaking could be treated as a small scale undertaking under Sec. 11B of the Industries (Development and Regulation) Act, 1951 ('IDR Act') if its total investment in fixed assets i.e., Plant and Machinery ('P&M') did not exceed Rs. 60 lakhs. The notification was operative up to 9th Dec., 1997.