2001 (7) TMI 4

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.... (see [20001 245 ITR 708), under the Income-tax Act, 1961, made at the instance of the Revenue. The High Court answered in the negative and against the assessee the following question : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the items of income derived by the assessee during the formation period for the main business, were not taxab....

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....] 243 ITR 2 and by a three-judge Bench in CIT v. Karnataka Power Corporation [2001] 247 ITR 268. In fact, in the latter case, it was not disputed by the Revenue that the question that related to hire charges paid by contractors had to be answered in the light of the judgment in Bokaro Steel Ltd.'s case [1999] 236 ITR 315 (SC). It is, therefore, not possible now to take any view different from that....