ITA No. 660 of 2009 ITA No. 661 of 2009 -1- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH 1. ITA No. 660 of 2009 Date of Decision 16.03.2010 The Commissioner of Income Tax-I Ludhiana ---Appellant Versus M/s Abhishek Industries Ltd., Ludhiana ---Respondent 2. ITA No. 661 of 2009 The Commissioner of Income Tax-I Ludhiana ---Appellant Versus M/s Abhishek Industries Ltd., 85, Industrial Area A, Ludhiana ---Respondent CORAM: HON'BLE MR. JUSTICE M.M. KUMAR HON'BLE MR. JUSTICE JITENDRA CHAUHAN Present: Mr. Vivek Sethi, Advocate for the Revenue-appellant Ms. Radhika Suri, Advocate, for the assessee-respondent. 1. To be referred to the Reporters or not? 2. Whether the judgment should be reported in the Digest? M.M. Kumar, J. This order shall dispose of ITA Nos. 660 and 661 of 2009, preferred by the Revenue by invoking Section 260A of the Income Tax Act, 1961 (for brevity 'the Act') challenging order dated ITA No. 660 of 2009 ITA No. 661 of 2009 -2- 31.03.2009 passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'B' Chandigarh (for brevity 'the Tribunal) in respect of assessment year 2002-03 and 2003-04. The Revenue has claimed that following three substantial questions of law would arise for determination of this Court: (i) Whether on the facts and in law, the Hon'ble Income Tax Appellate Tribunal was justified in holding that the invoking of section263 of the Act was not justified ignoring the fact that the order of the Assessing Officer passed u/s 143(3) on 07.02.2006 was erroneous in so far as it was prejudicial to the interest of the Revenue? (ii) Whether on the facts and in law, the Hon'ble Income Tax Appellate Tribunal was justified in considering the issue relating to the quantum of exclusion under clause (iv) of the Explanation below section 115JB(2) of the Income Tax Act, for computation of 'Book Profits” in the light of the decisions in the case of DCIT Vs. Syncome Formulations (I) Ltd 106 ITD 193 (mum) (SB) and ACIT Vs. Ajanta Pharma Ltd. 21 SOT 101 (Mum) whereas the said decision has been reversed by the Hon'ble Bombay High Court in ITA No. 1005 of 2008 dated 07.05.2009 in the case of CIT-9 Vs. M/s. Ajanta Pharma Ltd.? ITA No. 660 of 2009 ITA No. 661 of 2009 -3- (iii) Whether on the facts and in law, the Hon'ble Income Tax Appellate Tribunal was justified in restricting its decision to the justification of the jurisdiction assumed u/s 263 of the Act and not deciding the issue on merits of the case? The aforesaid questions were also raised in ITA Nos. 581 to 583 of 2009, which have been dismissed by us vide a separate order of even date which are squarely covered by the decision rendered in ITA Nos. 581 to 583 of 2009. Learned counsel for the parties have also agreed that these appeals are liable to be dismissed in terms of our order passed today in ITA Nos. 581 to 583. Accordingly, these appeals do not warrant admission, as substantial questions of law stand already answered. Consequently these appeals fail and same are dismissed. A photocopy of this order be placed on the file of connected appeal. (M.M. KUMAR) JUDGE (JITENDRA CHAUHAN) JUDGE March 16, 2010 Atul