YAMUNA GASES AND CHEMICALS LTD Vs. CIT

JUDGEMENT

(1.) THIS order shall dispose of a bunch of appeals* filed under Section 260A of the Income Tax Act, 1961 (for brevity, 'the Act') against the order(s)** passed by the Chandigarh Bench of the Income Tax Appellate Tribunal (for brevity, 'the Tribunal') because common questions of law and facts are involved.

(2.) ON 28.11.2007, ITA Nos. 343 and 344 of 2006, which have been filed by the assessee-appellant against the common order dated 5.10.2005, passed by the Tribunal in respect of Assessment Years 1996-97 and 1997-98, were admitted by the Division Bench taking into account the judgment of this Court rendered in the case of Rani Paliwal v. CJI, (2004) 268 ITR 220 and the judgment of Delhi High Court in the case of CIT v. Shri Ram Honda Power Equip, (2007) 289 JTR 475 (Delhi) and the following substantial questions of law were framed:

(3.) THE other ITA No. 194 of 2005 has been filed by the revenue against the order dated 17.3.2004 rendered by the Tribunal in respect of the Assessment Year 1994-95 in the case of M/s Yamuna Gases and Chemicals Ltd. (who has filed ITA Nos. 343 and 344 of 2006 in respect of Assessment Years 1996-97 and 1997-98). This appeal was admitted on 22.1.2007 and the revenue- appellant has sought to raise the following substantial question of law: