2002 (12) TMI 46

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....IAN J.-The Income-tax Appellate Tribunal has stated a case and referred the following questions of law for our consideration: "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee is entitled to relief Under section 80HHC relying upon the Board's Circular No. 729, dated November 1, 1995, which was not applicable for ....

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.... the assessee has not seriously disputed the game. Accordingly, following the judgment of the Supreme Court in Stonecraft Enterprises v. CIT [1999] 237 ITR 131, as well as the judgment in T.C. No. 250 of 1998 dated November 19, 2002 (CIT v. Pooshya Exports P. Ltd. [2003] 262 ITR 417), the first question of law referred to us is answered in the negative, against the assessee and in favour of the Re....