The Commissione Of Incometax-Central-Iii,Mum v. M/S Prince Swr Systems Pvt Ltd

463-06-ITXA

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 463 OF 2006 The Commissioner of Income Tax .. Appellant v/s.

M/s. Prince SWR Systems Pvt. Ltd.

..Respondent Mr. Suresh Kumar for the appellant Mr. Atul Jasani for the respondent CORAM : M.S. SANKLECHA & SANDEEP K. SHINDE, J.J.

DATED : 22nd JUNE, 2018.

P.C.

1.

This appeal under Section 260A of the Income Tax Act,1961 (the Act) was admitted on 4th July, 2008 on numerous questions of law. However, Mr. Suresh Kumar, learned Counsel appearing for the Revenue, on instructions, urges only one substantial question of law, which reads as under :- "Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in confirming the order of the CIT(Appeals) who directed the Assessing Officer not to allow depreciation for determining profit of a new industrial unit, which is entitled to special deduction u/s 80IA of Income-Tax Act, 1961?"

2.

This appeal relates to Assessment Year 1997-98. Uday S. Jagtap

463-06-ITXA 3.

It is an agreed position between the parties that the issue arising herein stands concluded in favour of the appellant Revenue and against the respondent assessee by a decision of the Apex Court in Plastiblends India Ltd. Vs. Addl. Commissioner of Income Tax & Anr., 398 ITR 568.

4.

In the above view, the substantial question of law is answered in the negative i.e. in favour of the appellant Revenue and against the respondent assessee.

5.

The appeal is allowed.

(SANDEEP K. SHINDE J.) (M.S. SANKLECHA, J.) Uday S. Jagtap