COMMISSIONER OF INCOME TAX Vs. AVON CYCLES LTD

JUDGEMENT

(1.) THE revenue has filed the instant appeal under Section 260A of the Income-tax Act, 1961 (for brevity, 'the Act') against the order dated 31.3.2010, passed by the Chandigarh Bench 'B' of the Income Tax Appellate Tribunal (for brevity, 'the Tribunal'). The following questions of law have been sought to be raised:-

(2.) WE have heard learned counsel for the revenue- appellant at some length and are of the view that the matter is no longer res integra. The aforementioned questions of law have already been decided against the revenue by the Division Bench of this Court in the case of Commissioner of Income Tax-II v. M/s Hero Cycles Ltd. (ITA No. 331 of 2009, decided on 4.4.2009) by observing as under:- "

(3.) LEARNED counsel for the appellant has not been able to controvert the aforementioned position or cite any contrary judgment. Therefore, for the sake of consistency the instant appeal is dismissed in terms of the Division Bench judgment rendered in the case of M/s Hero Cycles Ltd. (supra).