COMMISSIONER OF INCOME TAX, CHENNAI Vs. ORIENT EXPRESS

JUDGEMENT

(1.) THE above Tax Case (Appeals) are filed by the Revenue as against the order of the Income Tax Appellate Tribunal raising the following substantial questions of law:

(2.) WHETHER in the facts and circumstances of the case, the Tribunal was right in overlooking the fact that in the absence of 3rd proviso to Section 80HHC of the Income Tax Act, the assessee would not be entitled to deduction of profit from sale of DEPB license from its total income in the light of Explanation (baa) to Section 80HHC and Section 28(iiie) of the Income Tax Act -

(3.) HEARD learned Standing Counsel appearing for the Revenue and perused the materials placed before this Court.