2008 (5) TMI 238

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.... Tax Appellate Tribunal, Ahmedabad Bench-A, has referred the following question for the opinion of this Court under section 256(1) of the Income Tax Act, 1961 (the Act) at the instance of the Revenue. "Whether, on the facts and circumstances of the case, the Tribunal was right in upholding the order of the Commissioner of Income Tax (Appeals) deleting the addition of Rs. 3,40,644/- made on accoun....

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....ng Counsel for the applicant-Revenue and learned advocate for the respondent-assessee. 5. The controversy is no longer res integra. In the case of Commissioner of Income-Tax vs. Indo Nippon Chemicals Co. Ltd., reported in (2003) 261 ITR 275 (SC), the Apex Court has observed as under (page 277): "We are unable to accept the view of the Assessing Officer that merely because Modvat credit is an irr....