COMMISSIONER OF INCOME TAX Vs. COMPUTER GRAPHICS LTD

JUDGEMENT

(1.) WHETHER the Tribunal was right in holding that the assessee was entitled to relief under Section 32ab as the item dealt with by the assessee did not fall under the prohibited entry 10 to XI Schedule Viz. Photographic apparatus and goods? Held - In respect of second question - held that the assessee was not engaged in the manufacture or production of an article or thing and hence, the assessee was also not engaged in the manufacture of item under the prohibited entry 10 to XI Schedule Viz. Photographic apparatus and goods. Hence, the question is answered in favour of the assessee and against the Revenue.

(2.) WHETHER, the Tribunal was right in law that the assessee was entitled to relief under Section 80i as there was manufacturing process in making the graphic art film of colour paper in Jumbo rolls into marketable condition by the process of slitting? Held - This issue stands covered by a decision of this Court judgment reported in 261 ITR 491 in the case of India Cine Agencies Vs. C. I. T.- The facts in the instant case are similar. Following the same, the question is answered in favour of the Revenue and against the assessee.