COMMISSIONER OF INCOME TAX Vs. RAMCO INTERNATIONAL

JUDGEMENT

(1.) THE Revenue has preferred this appeal under Section 260A of the IT Act, 1961 (in short, 'the Act') against the order of Tribunal, Amritsar Bench, Amritsar dt. 12th Oct., 2007, passed in ITA No. 213/Asr/2007 for the asst. yr. 2003 -04, proposing to raise following substantial questions of law:

(2.) WHETHER on the facts and in the circumstances of the case, the decision of Tribunal is not contrary to the law as spelt out by the Hon'ble Supreme Court in Goetze (India) Ltd. v. : [2006]284ITR323(SC) and Addl. CIT v. : [1978]111ITR1(SC) ?

(3.) WE are unable to accept the submission. The Tribunal has considered this issue and found that as per Form 10CCB filed during assessment proceedings, the claim of the assessee was admissible. Finding of the Tribunal is as under: