COMMISSIONER OF INCOME TAX-2 Vs. RAYMOND LTD

JUDGEMENT

(1.) This appeal by the Revenue is against an order of the Income Tax Appellate Tribunal dated 22 March 2007; the Assessment Year to which appeal relates being AY 1992-93. The following substantial questions of law are raised:

(2.) The Appeal is admitted on questions A, E, F and G. By consent the appeal is taken up for hearing and final disposal.

(3.) As regards Question A, counsel appearing on behalf of the Revenue and counsel appearing on behalf of the assessee are agreed that this question would have to be answered in favour of the Revenue and against the assessee in view of the judgment delivered today in companion Income Tax Appeal No.1276 of 2009 pertaining to AY 1991-92. In view of this statement, Question A is answered in the negative and in favour of the Revenue.