COMMISSIONER OF INCOME TAX Vs. ELNET TECHNOLOGIES LIMITED

JUDGEMENT

(1.) The above Tax Case (Appeals) are at the instance of the Revenue against the order of the Tribunal relating to assessment years 2001-02, 1995-96 and 1996-97 respectively by raising the following substantial questions of law:-

(2.) T.C.(A).No. 2336 of 2006 was admitted on the above stated two questions of law, whereas, T.C.(A).Nos. 2623 of 2006 and 2169 of 2008 were admitted only on the second substantial question of law. The Tribunal followed the order made for the assessment year 1996-97 in respect of other two assessment years under independent discussion. The assessee company was granted lease of certain extent of land by Government of Tamil Nadu for a period of 90 years under lease deed dated 18.2.2005. The assessee company is incorporated under the Companies Act. The grant of lease was for the purpose of constructing a Software Technology Park as per G.O.Ms. No. 755, Industries Department dated 26.7.90. The assessee is stated to have constructed the Technology Park which comprised of separate modules with uplinking facility with BSNL. The company provided infrastructure facilities for the purpose of running IT company. The main object of the company as evident from the memorandum of association, which is relevant for the purpose of this case reads as under :-

(3.) The objects incidental or ancillary to the attainment of the main objects are given in Part B of the Memorandum of Association, which reads as under:-