CIT Vs. TUBE INVESTMENTS OF INDIA LTD

JUDGEMENT

(1.) These Tax Case Appeals are directed at the instance of the Revenue, questioning the common order of the Income Tax Appellate Tribunal, Chennai 'B' Bench, dated 09.09.2003 made in I.T.A.Nos.1982 and 1985/Mds/2002 respectively.

(2.) Tax Case (Appeal) No.519 of 2005 relates to the assessment year 1990-91 and the Tax Case (Appeal) No.521 of 2005 relates to the assessment year 1992-93.

(3.) The substantial question of law raised in both the tax case appeals is, Whether on the facts and circumstances of the case, the Tribunal was right in holding that the BIFR's recommendation to the department to consider granting exemption from the provisions of Section 43B should be treated as a mandate ?