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K.S. Jhaveri, J.—By way of these appeals, the appellant of Tax Appeal No. 377/2000 has challenged the judgment and order dated 7.3.2000 passed by the Income Tax Appellate Tribunal in ITA No. 317/Ahd/1993 for AY 1989-99 and the appellant of Tax Appeal No. 378/2000 has challenged the judgment and order dated 7.3.2000 passed by the Income Tax Appellate Tribunal in ITA No. 2741/Ahd/1992 for AY 1988-89.
While admitting these appeal on 13.11.2000, the following substantial question of law has been framed by this Court:
"Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee was entitled for the deduction as claimed by it u/s. 80-I of the Act?"
The facts of the present case are that the assessee company has filed return of income, declaring the total taxable income at Rs. 64,17,710/- on 28.12.1989. The return was accompanied with the computation of income, annual accounts of the Company, tax audit report in form No. 3CA and 3 CD in pursuance of section 44AB of the IT Act. In response to notice u/s. 143(2) of the Act, necessary details were given by the company. Thereafter, the considering the material on record, the assessment order came to be filed. Against the said order, the assessee company has preferred an appeal before the CIT(A) which was partly allowed. Against the said order of CIT(A), the assessee has preferred an appeal before the Tribunal which was allowed. Against the said order of the Tribunal, both these appeals are preferred by the Revenue before this Court.
Heard the learned advocates appearing for the parties and considered the submissions.
Learned advocate for the respondent has submitted that between the same parties, the issue is squarely covered by the decision of this Court in the case of Commissioner of Income Tax Vs. Lakhanpal National Ltd., , where the question of law and facts are similar. In view of this, no elaborate reasons are given and both the appeals deserve to be dismissed. The question is answered in favour of the assessee and against the Revenue. Both the appeals are dismissed.