ITA No.12 of 2005

1

IN THE HIGH COURT OF PUNJAB AND HARYANA AT

CHANDIGARH

ITA No. 12 of 2005

Date of decision: 08.05.2012

Commissioner of Income Tax, Ludhiana-II

-----Appellant

Vs.

M/s Oswal Spinning and Weaving Mills Limited, GT Road,

Ludhiana

----Respondent

CORAM:-

HON’BLE MR. JUSTICE AJAY KUMAR MITTAL

HON'BLE MR. JUSTICE GURMEET SINGH SANDHAWALIA

Present:-

Ms. Savita Saxena, Advocate for the appellant.

Mr. H.O.Arora, Advocate with

Mr. Rajiv Sharma, Advocate for the respondent.

Ajay Kumar Mittal,J.

1.

This order shall dispose of ITA Nos.222 of 2004, 12 and

13 of 2005 and 924 of 2008 as learned counsel for the parties are

agreed that identical facts and questions of law are involved in all

these appeals. However, facts are being taken from ITA No.12 of

2005.

2.

ITA No.12 of 2005 has been preferred by the revenue

under section 260A of the Income Tax Act, 1961 (in short, “the Act”)

against the order dated 30.1.2004 passed by the Income Tax

Appellate Tribunal, Chandigarh Bench 'B', Chandigarh (for brevity,

“the ITAT”) in ITA No.826/Chandi/1998, for the assessment year

1994-95. It was admitted for determination of following substantial

question of law:-

“Whether the