2007 (7) TMI 43

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....The prayer made by the assessee in both the petitions filed under Section 256(2) of the Income-tax Act, 1961 (for brevity, 'the Act'), is for issuance of direction to the Income Tax Appellate Tribunal, Delhi Bench, New Delhi (for brevity, 'the Tribunal') to frame the statement of the case and refer question of law which is claimed to have emerged from the orders dated 18.2.1998, passed in I.T.A. N....

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....claim of the assessee under Section 80-I of the Act on the ground that the assessee cannot be regarded as an industrial undertaking, which may be covered by the necessary conditions envisaged by Section 80-I of the Act.  It is appropriate to mention that the assessee is engaged in the business of manufacture and sale of shoes and in para 6 of the order of the Tribunal there are findings with ....

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....ction. According to the learned counsel, a contrary view has been expressed by other High Courts, which is in favour of the assessee, namely, Commissioner of Income-tax v. Penwalt India Ltd., (1992) 196 ITR 813 (Bom.); Commissioner of Income-tax v.  Talwar Khuller (P.) Ltd., (1999) 235 ITR 70 (All.); Commissioner of Income-tax v. Prabhudas Kishordas Tobacco Products P. Ltd., (2006) 282 ITR 56....