COMMISSIONER OF INCOME TAX Vs. ROTOMAC PENS LTD

JUDGEMENT

(1.) WE have heard Shri Dhananjay Awasthi, learned counsel appearing for the appellant. Shri Ashish Bansal appear for the respondent-assessee.

(2.) THE Commissioner of Income Tax (Central) Kanpur has filed this Income-tax Appeal under Section 260-A of the Income Tax Act, 1961, (in short, the Act) against the judgment and order dated 25.1.2008 passed by Income Tax Appellate Tribunal, Lucknow Bench 'B', Lucknow in ITA No. 852/Luc/04 for assessment year 1997-98, on the questions of law for consideration by this Court as follows:-

(3.) A revised return was filed by the respondent-assessee on 17.6.2002, showing income of Rs. 4, 51, 51, 210/-, taking the correct position of adopting the net profit after allowing depreciation for calculating the deductions under Section 80HHC, and also excluding the interest and rental income for that purpose. The assessee deducted the depreciation, rent and interest from the profit but did not deduct the duty draw back loss in export trading, and licence premium in calculating the deductions under Sections 80IA.