TMI Blog2012 (12) TMI 603X X X X Extracts X X X X X X X X Extracts X X X X ..... K. Joshi, R. Goenka and A. Goenka for the Respondent. JUDGMENT Amitava Roy, J. - This appeal witnesses a challenge to the judgment and order dated 11.03.2011, rendered by the Income Tax Appellate Tribunal, Gauhati Bench, Guwahati (for short hereafter referred to as the learned Tribunal) in ITA No.80(Gau)/2007. The assailment, however, is limited to its finding on the issue as to whether the income of the respondent-assessee by way of interest amounting to Rs. 3,13,91,602/- was deductible under section 80-IC of the Income Tax Act, 1961 (for short hereafter referred to as the Act). The learned Tribunal having answered in favour of the respondent-assessee, the Revenue is in appeal. 2. We have heard Mr. S Sarma, learned Counsel for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Department, Government of Assam as per the order of this Court for the delay involved in the payment in connection with delivery of goods to it (Irrigation Department) between 22.08.1991 to 31.05.1992. The Assessing Officer refused to grant the deduction of this amount on the ground that having regard to the period relating to the transactions with the Irrigation Department, it was impermissible and, further, the time limit specified for commencement of production or substantial expansion for the North Eastern States, in terms of section 80-IC (2)(b)(iii) was between the 24th December, 1997 and 31st March, 2007. The respondent-assessee being aggrieved preferred an appeal before the Commissioner of Income Tax (Appeals), who sustained the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eliance on the decision of the Hon'ble Apex Court in CIT v. Govinda Choudhury [1993] 203 ITR 881. 7. Upon hearing the learned counsel for the parties and on a consideration of the pleaded facts as well as the findings arrived at by the learned Tribunal on the analysis thereof, we are constrained to sustain the plea raised on behalf of the respondent-assessee. Not only, the learned counsel for the Revenue in course of the arguments could controvert the correctness of the finding of the learned Tribunal, inter alia on the aspect of the eligibility of the respondent-assessee for availing the benefit of deduction under section 80-IC of the Act in terms of sub-section (2)(b)(iii) thereof, no relevant legal provision or any decision of any cour ..... X X X X Extracts X X X X X X X X Extracts X X X X
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