COMMISSIONER OF INCOME TAX Vs. NILCHEM CAPITAL LTD

JUDGEMENT

(1.) BOTH the Tax Appeals have arisen out of the common order of the Income Tax Appellate Tribunal ("the Tribunal" for short) passed on dated 8.5.2009. As the issues raised are identical, they are being disposed of by this common judgment.

(2.) THE Revenue has challenged the impugned order of the Tribunal formulating following questions of law:-

(3.) THIS Court has heard at length learned counsel Mr. M.R. Bhatt for the Revenue and learned counsel Mr. Tej Shah for the respondent assessee, who both have fervently substantiated their respective stands by their submissions.