COMMISSIONER OF INCOME TAX Vs. JASWAND SONS

JUDGEMENT

(1.) This appeal has been preferred by the Revenue under Section 260A of the Income-tax Act, 1961 (in short "the Act") against the order of the Income-tax Appellate Tribunal, Chandigarh Bench "A", Chandigarh (hereinafter referred to as "the Tribunal") passed in I.T.A. No. 622/CHANDI/2008 dated February 27, 2009 for the assessment year 2005-06, proposing following substantial questions of law:

(2.) Whether on the facts and circumstances of the case the hon'ble Income-tax Appellate Tribunal erred in not holding the DEPB of Rs. 2,30,85,117 received from the export house as not derived from the industrial undertaking eligible for deduction under Section 80IB of the Income-tax Act, 1961 ?

(3.) Whether on the facts and circumstances of the case the hon'ble Income-tax Appellate Tribunal has erred in law in not holding the DEPB benefits do not form part of the net profits of eligible industrial undertaking for the purpose of Section 80IB ?