ANITA SUMANTH, J.

These Tax Case (Appeals) are filed by the assessee challenging orders of the Income Tax Appellate Tribunal dated 07.04.2008 and 08.04.2008 for the assessment years 2003-04 and 2004-05 respectively.

2. The following substantial question of law arises for our consideration:

Whether on the facts and in the circumstances of the case the Tribunal was right in law in holding that the appellant is not entitled to deduction under section 10B in respect of income on sale of export quota and interest on margin money deposits for opening letter of credit ?

3. The assessee, engaged in the manufacture and export of garments, has suffered concurrent orders of assessment, first appeal and second appeal to the effect that it is not entitled to relief under section 10A of the Income Tax Act, 1961 (in short 'Act') in regard to income earned from sale of export quota and interest on Margin Money Deposits for opening Letters of Credit.

4. Mr.Vikram Vijayaraghavan, learned counsel appearing for the assessee submits that the assessee is a 100% export-oriented unit. An entity engaged in export has to mandatorily avail of sufficient quota allotted by the Apparel Export Promotion Cou