C I T Vs. VIKAS INTERNATIONAL

JUDGEMENT

(1.) THE present reference at the instance of CIT, Surat, is made by the learned ITAT to consider the following substantial questions of law:

(2.) THOUGH served, nobody appears on behalf of the respondent -assessee. We have heard Mr. Sudhir Mehta learned advocate appearing on behalf of the appellant -revenue.

(3.) MR . Mehta learned advocate appearing on behalf of the appellant -revenue has vehemently submitted that so far as question no. 1, that is, whether ITAT was justified in law in holding that 8% premium on the licences purchased by it from outside parties for sale or import would be liable to be treated as cash assistance u/s. 28(iiib) against its export eligible for deduction under sec. 80HHC and not income from other source is concerned, it is submitted that the learned Tribunal has not considered the Fifth proviso which was inserted by the Taxation Law (Amendment) Act, 2005 with retrospective effect from April 1, 1992, which reads as under: