C I T Vs. EMTICI ENGINEERING LTD

JUDGEMENT

(1.) THESE Tax Appeals involve common questions on law and therefore, they are decided by this common judgment. Since the facts are almost similar, Tax Appeal No. 70/2002 is taken as the lead matter.

(2.) BRIEFLY stated, the facts are that the assessee -Company is a selling agent for Elecon Engineering Ltd., Eimco Elecon Engineering Ltd., Power Build Ltd., etc. and the main source of its income is commission received from them. Besides, the assessee also carries out fabrication works for Projects. The assessee had, in its return of income, claimed to be a company in which public are substantially interest. However, the share holding pattern of the assessee had not changed and it remained the same as was in the previous year.

(3.) WHILE admitting the appeal on 11.02.2002, the following substantial questions of law were formulated for our consideration;