TERACOM LIMITED Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Heard Mr. S. R. Rivankar, learned counsel for the Appellant and Ms. A. Razaq, learned Standing Counsel for the Respondent.

(2.) This appeal was admitted on 15th February, 2012 on the following substantial questions of law :-

(3.) The Assessee is a Public Limited Company engaged in the business of manufacturing and trading of optical fiber cable and accessories, insulated wires and power cable and other telecommunication equipment. On 14th November, 2007, the Appellant filed return of income for the Assessment Year (AY) 2007-08 declaring the income of Rs. Nil, after claiming deduction of Rs.15,98,63,200/- under Section 80IB of the Income Tax Act, 1961 (IT Act).