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TMI Blog2009 (3) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... aragraph 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 holding that the assessee is entitled to deduction under section 80I in respect of the interest income earned on the securities kept with the electric department as well as the interest income earned on FDRs kept for margin money for obtaining letters of credit for the procurement of raw materials?. "Whether, the Appellate Tribunal is right in law and on facts in directing not to exclude trading profit on sale of zinc ash for the purposes of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany 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 which was furnished to us also, it is seen that in the asstt. year under consideration the assessee had an opening stock of 679.5 tonnes of Zinc Ash and it purchased 4378.504 tonnes of zinc ash at a total cost of Rs.10,19,00,863/- giving an average purchase rate of Rs.23,273/- per ton. Out of the above, the assessee sold 284.485 tonnes of zinc ash because the zinc content was found to be less in that particular lot for a consideration of Rs.52,68,570 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 not arise out of the impugned order of Tribunal, and is not required to be answered accordingly. In so far as Question No.3 is concerned, if one considers the findings recorded by the Tribunal in paragraph no. 5.4 of impugned order dated 20/10/1998, it is clear that the entire order proceeds on pure appreciation of evidence and no legal issue is involved. In fact the Tribunal has not even dealt with any legal issue, the same having not been raised by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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