2008 (4) TMI 211

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....nt of the court was delivered by Rakesh Kumar Garg, J . - 1. The revenue has filed the present appeal under Section 260A of the Income Tax Act, 1961 (for shot the 'Act') against the order dated 14.2.2007 passed by the Income Tax Appellate Tribunal, Chandigarh Bench, 'A', Chandigarh in ITA No.363/CHD/2006 for the assessment year 1999-2000 raising the following substantial question of law: "Wh....

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.... Section 145A of the Act on the profit will be equivalent to the effect of excise duty on opening stock i.e. Rs.50,060/-. Accordingly, addition of Rs.50,060/- on account of effect of Section 145A of the Act was made apart from making other additions/disallowance and assessment was completed at an income of Rs.91,04,680/- vide order dated 28.2.2002 under Section 143(3) of the Act. 3. Aggrieved a....

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....ntended by the Legislature. 6. We have heard learned counsel for the revenue and perused the record. 7. At the outset, Mr. Sanjiv Bansal, Advocate appearing for the revenue has very fairly conceded that the controversy in the matter stands settled by a judgment of this Court in ITA No.503 of 2007 decided on 25.2.2008 titled as The Commissioner of Income Tax-III, Ludhiana v.  M/s Nahar E....