INDUSTRIAL ORGANICS & PHARMACEUTICALS LIMITED Vs. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, LUDHIANA

JUDGEMENT

(1.) THIS order shall dispose of four appeals bearing ITA Nos.420 to 422 of 2007 and 1 of 2008 as learned counsel for the parties are agreed that common question of law is involved in all the appeals besides one additional issue in ITA No.422 of 2007. However, the facts are being extracted from ITA No.420 of 2007. The delay in refiling the appeals is condoned.

(2.) ITA No.420 of 2007 has been preferred by the appellantassessee under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 27.10.2006, Annexure A.4, passed by the Income Tax Appellate Tribunal, Chandigarh Bench (in short, "the Tribunal"), for the assessment year 1995 -96, proposing to raise following substantial question of law: -

(3.) IN ITA No.422 of 2007, besides the aforesaid substantial question of law, the following additional question has also been claimed: -