TMI Blog2009 (3) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... rami B. Sheth Ms. Nitiben Sheth for the Respondent. JUDGMENT JUSTICE D. A. MEHTA - On 8/3/1999 order of admission came to be made by the High Court without formulating any substantial questions of law. The learned counsel for the respondent assessee has raised a preliminary objection in this regard. However, after hearing the learned counsel for the parties, the Court is of the opinion that the proposed questions as appearing in paragraph no.2 of the memorandum of appeal may be treated as substantial questions of law having been formulated by the Court at the time of admission, and the appeal is taken up for hearing accordingly on the following three questions:- "Whether, the Appellate Tribunal is right in law and on facts in h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r computed trading profit alleged to have been earned by the assessee at Rs.20,84,417/-, and accordingly reduced claim for deduction under section 80I of the Income Tax Act 1961 (the 'Act'). The said action of the assessing officer was confirmed by Commissioner (Appeals) and the assessee carried the matter in appeal before Tribunal. The Tribunal has recorded the following findings:- "4.3: We have considered the rival submissions. The assessee company is an Industrial Undertaking which is engaged in the process of manufacture of zinc metal ingots by electrolysing process of roasted zinc ash. The percentage of zinc metal in the zinc ash in different consignment varies. As per the audited statement of accounts filed before the AO copy of w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccounts indicated that such an exercise was not warranted and factually it was possible to ascertain whether the trading activity resulted in any profit or not. After going through the impugned order of Tribunal and the submissions made by the respective counsel for the parties, it is not possible to find any legal infirmity in the impugned order of Tribunal. In fact, question no.2 cannot be said to be a question arising out of the impugned order of Tribunal, in absence of any finding by the Tribunal that there is any trading profit. The Tribunal has not directed to exclude any trading profit on sale of zinc ash. The only finding recorded by the Tribunal is that the trading activity has resulted in a loss. Therefore, Question no.2 does ..... X X X X Extracts X X X X X X X X Extracts X X X X
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