COMMISSIONER OF INCOME TAX II AND ORS. Vs. CONTINENTAL WAREHOUSING CORPORATION (NHAVA SHEVA) LTD. AND ORS.

JUDGEMENT

(1.) These appeals were heard together and are being disposed of by a common judgment. It is conceded before us by both sides that the questions of law and the issues arising therefrom are common and, therefore, they advanced similar contentions. It is in these circumstances that we dispose of these appeals by this common judgment.

(2.) We will refer to the facts in two representative appeals. Income Tax Appeal No.523 of 2013 filed by the Revenue challenges the order passed by the Income Tax Appellate Tribunal, Bench at Mumbai, dated 31st August, 2012, in Income Tax Appeal No.7055/Mum/2011. The assessment year is 2008-09.

(3.) There, the assessee filed a return of income declaring total income at Rs. Nil. That was filed on 8th October, 2008. The gross total income is declared at Rs.21,07,13,675/-/ Upon claiming deduction under section 80 IA(4) of the Income Tax Act, 1961 (hereinafter referred to as the "IT Act") in the said sum, total income is declared at Rs. Nil.