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2006 (11) TMI 158 - HC - Income TaxDetermination of Gross Total Income - Deduction u/s 80-I - business income from telecommunication cables - loss on account of lease business - HELD THAT:- Learned counsel for the assessee would place reliance on a judgment of this court in CIT v. Siddaganga Oil Extractions P. Ltd.[1992 (11) TMI 65 - KARNATAKA HIGH COURT]. In the said judgment, two other judgments of this court have been noticed CIT v. H. M. T. Ltd. and Sterling Foods v. CIT [1984 (6) TMI 41 - KARNATAKA HIGH COURT]. A careful reading of the said judgment would show that the said Division Bench of this court has not taken into consideration the impact of section 80AB of the Act. In the light of the subsequent judgment of the Supreme Court these judgments are of no assistance to the assessee. In the given circumstances, we deem it proper not to place reliance on this judgment for the purpose of consideration of section 80AB and that too in the light of the subsequent judgment of the Supreme Court which is binding on us. In the case on hand, unfortunately both the parties have not chosen to refer to the Tribunal the impact of section 80AB. If only the Department had invited the attention of the Tribunal to the impact of section 80AB the Tribunal would not have passed this order. We express our displeasure in the matter. To avoid such recurring instances, in future, the Income-tax Department is well-advised to engage competent legal counsel, before the Tribunal, whenever large sums of money are involved with complicated questions of law. Income-tax provides revenue to the Government. If the Department is not properly defended, it would result in unnecessary references to this court and loss of time of every body concerned including the time of this court. We deem it proper to direct learned counsel to place our order before the Commissioner for proper remedical action in future cases. In the result, this appeal is accepted. The order of the Tribunal in so far as this issue is concerned, is set aside.
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