-1- IN THE HIGH COURT OF JUDICATURE AT BOMBAY O.O.C.J. Income Tax Appeal No. 753 of 2008 M/s Natural Gems Ltd. ..Appellant vs. The ITO-8(2)(3) ..Respondent Mr. Sandeep Jinsiwale for appellant. Mr.Suresh Kumar for respondent. CORAM: Dr.S.RADHAKRISHNAN & CORAM: Dr.S.RADHAKRISHNAN & CORAM: Dr.S.RADHAKRISHNAN & S.J.KATHAWALLA JJ. S.J.KATHAWALLA JJ. S.J.KATHAWALLA JJ. 10th September,2008 10th September,2008 10th September,2008 P.C. P.C. P.C. 1. Heard the learned Counsel appearing for the appellant and the learned Counsel appearing for the respondent. 2. The appellant has sought to raise the following three questions of law. a) Whether in the facts and circumstances of the case and in law the Tribunal is right in setting aside the Order passed by CIT u/s 263 of the Act, only on the ground that the Assessing Officer has adopted one view that was possible out of the two views available? b) That the Hon’ble Tribunal and authorities below -2- committed an error in not appreciating the fact that the legal position as on the day of the assessment order is that the assessee was claiming the exemption under sec.80IA being manufacturing in specified area? c) That the Hon’ble Tribunal and other authorities below failed to appreciate that in levying tax under sec.115JB pursuant to direction is bad in law and no tax under sec.115 JB can be levied on the Assessee owing to doctrine of promissory estoppels? 3. We have perused the judgment of the Income Tax Appellate Tribunal. 4. The Tribunal has clearly observed in paragraph 6 of the judgment that the assessee had clearly admitted that section 115JB was clearly applicable to the facts and that there was no error in computation of books profits of the assessee, hence, the said question is correctly answered in the affirmative against the assessee and in favour of the revenue by the Tribunal. 4. As far as question no.(b) is concerned the same does not arise out of the impugned judgment of the Tribunal. -3- As far as question no.(c) is concerned, in view of the above observations in paragraph 6 of the order of Tribunal, the assessee itself had conceded before the Revenue Authorities that section 115JB was clearly applicable. If that be so question no.(c) also has been correctly answered by the Tribunal. Appeal is totally devoid of any merits. The same is dismissed as such. (S.J.KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J.KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J.KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.)