2002 (12) TMI 46

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..... nal has stated a case and referred the following questions of law for our consideration: "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee is entitled to relief Under section 80HHC relying upon the Board's Circular No. 729, dated November 1, 1995, which was not applicable for the assessment year under consideration .....

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..... game. Accordingly, following the judgment of the Supreme Court in Stonecraft Enterprises v. CIT [1999] 237 ITR 131, as well as the judgment in T.C. No. 250 of 1998 dated November 19, 2002 (CIT v. Pooshya Exports P. Ltd. [2003] 262 ITR 417), the first question of law referred to us is answered in the negative, against the assessee and in favour of the Revenue. As far as the second question of law .....

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..... stment allowance claimed by the assessee. We find that the said finding of the Tribunal is arrived at on the basis of the appreciation of evidence and materials on record and there are no reasons to interfere with the said findings of the Appellate Tribunal, as far as the second question of law is concerned. Accordingly, the second question of law referred to us is answered in favour of the assess .....

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