Per I.P. Bansal, Judicial Member. - This is an appeal filed by the revenue and is directed against the order of CIT(A) dated 5th February, 2001 for assessment year 1998-99.

2. Ground No. 1 of the appeal reads as under :—

"1. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition made on account of unutilized MODVAT credit of Rs. 25,93,773."

3. Both the parties admitted that this ground is admitted in favour of the assessee by the decision of Hon’ble Supreme Court in the case of CIT v. Indo Nippon Chemicals Co. Ltd. [2003] 261 ITR 275¹. Therefore, we find no merit in this ground and the same is dismissed.

4. Ground No. 2 of the appeal reads as under :—

"On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in directing the Assessing Officer to allow deduction under section 80-I of Rs. 90,95,971 as claimed by assessee ignoring the fact that the deduction claimed pertain to three units as under and there was no profit in respect of 2nd and 3rd units after adjusting the set-off of brought forward losses of the same :