2005 (11) TMI 191

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....nds that the CIT(A) has erred in not considering the judgment in the case of CIT vs. Sterling Foods (1999) 153 CTR (SC) 439: (1999) 237 ITR 579 (SC). Hon'ble Madras High Court in the case of CIT vs. Viswanathan & Co. (2003) 181 CTR (Mad) 335 : (2003) 261 ITR 737 (Mad); CIT vs. Jameel Leathers & Uppers (2000) 246 ITR 97 (Mad) and Hon'ble Delhi High Court in the case of CIT vs. Ritesh Industries Ltd. (2004) 192 CTR (Del) 81. 3. Before me, Smt. Veena Joshi, learned Departmental Representative has appeared on behalf of the appellant-Revenue. She has heavily relied on the above judgements in support of her stand. In the aforesaid judgments, it has been held that the export incentive do not form part of the profit derived from industrial under....

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....Tribunal decided an identical issue as is before me in the instant case. The controversy has been resolved in favour of the assessee after noticing the aforesaid judgments. Therefore, having regard to the necessity to maintain consistency and concurring with the precedent decided by the coordinate Bench of the Tribunal, I am inclined to affirm the decision of the CIT(A) in the instant case. Moreover, the Tribunal in ITA Nos. 5169 and 5175 has also discussed in detail the phraseology of s. 80-IB and its difference vis-a-vis s. 80-I of the Act. Sec. 80-I was considered by the Hon'ble High Court in the case of Ritesh Industries Ltd. After noticing the phraseology of s. 80-I and 80-IB, the Tribunal concludes that the concept of profits envisage....