COMMISSIONER OF INCOME TAX, KARNAL Vs. NICE OVERSEAS

JUDGEMENT

(1.) THE revenue has preferred this appeal under section 260A of the Income -tax Act, 1961 (for short, "the Act") against the order of Income Tax Appellate Tribunal, New Delhi, Bench 'SMC passed in IT Appeal No. 821/DEL/2006 on 25 -7 -2006 for the assessment year 2002 -03, proposing to raise following substantial questions of law:

(2.) It is not disputed that the matter is covered against the assessee by the judgment of the Hon'ble Supreme Court in Sterling Foods, (supra) and order of this Court in Raj Overseas v. CIT, [2008] 174 Taxman 566. Accordingly, the appeal is allowed. The order of the Tribunal is set aside and that of Assessing Officer is restored.