COMMISSIONER OF INCOME TAX Vs. VISAKHA INDUSTRIES LIMITED

JUDGEMENT

(1.) THIS appeal by the Revenue under Section 260A of the Income-tax Act, 1961, is directed against the order of the Income-tax Appellate Tribunal, Hyderabad Bench "A", Hyderabad, in iTA No. 1173 of 1995, dated August 2, 2000, for the assessment year 1992-93.

(2.) THE brief facts leading to the filing of this appeal are :

(3.) LEARNED counsel for the assessee-company, on the other hand, supported the order of the Tribunal and referred to the decision of the apex court in Canara Workshops P. Ltd. where there was a specific reference to its decision in the case of Distributors (Baroda) P. Lid. and held that the decision rendered in that case has no relevancy while considering the computation of deduction under sections 80HH and 80-I of the Act. In the light of the said observation of the apex court, the judgments relied upon by learned standing counsel have no relevancy.