TMI Blog2006 (11) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... For the reasons recorded in Liberty India's case, the question raised is answered in favour of the Revenue and against the assessee. Accordingly, the appeal is allowed and the order of the Tribunal is set aside. - Adarsh Kumar Goel And Rajesh Bindal JJ. For the Appellant : Yogesh Putney For the Respondent : None appeared JUDGMENT 1. This appeal has been preferred by the Revenue against the order dated November 30, 2005 of the Income-tax Appellate Tribunal, New Delhi Bench SMC in I. T. A. No. 5707/Del/2004 in respect of the assessment year 2001-02 proposing the following substantial question of law : 1. Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y profits and gains derived from any business referred to in sub-sections (3) to (11) and (11A) (such business being hereinafter referred to as the eligible business), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to such percentage and for such number of assessment years as specified in this section.' Interpreting the identical language in section 80HH, the hon'ble Supreme Court in Sterling Foods' case [1999] 237 ITR 579 observed (page 584) : 'We do not think that the source of the import entitlements can be said to be the industrial undertaking of the assessee. The sou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of law arises in the appeal. 5. We find merit in the contentions raised. For the reasons recorded in Liberty India' s case [2007] 293 ITR 520 (P H), the question raised is answered in favour of the Revenue and against the assessee. 6. Accordingly, the appeal is allowed and the order of the Tribunal is set aside. 7. Before parting with the order, we are constrained to deprecate the manner in which the issue has been dealt with by the Tribunal which is against the settled norms of judicial discipline and propriety. The Departmental Representative had cited various judgments of the hon'ble Supreme Court and different High Courts on the issue, such as CIT v. Sterling Foods [1999] 237 ITR 579 (SC), CIT v. Viswanathan and Co. [ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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