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C.I.T. Lucknow v. M/S. U.P. Rohilkhand Tarai Ganna Beij Evam Vikas Nigam Ltd. - INCOME TAX REFERENCE No. 197 of 1985  RD-AH 968 (30 September 2004)
I.T.R. No.197 of 1985
C.I.T., Lucknow v. U.P. Rohilkhand Tarai Ganna Beej Evam Vikas Nigam Ltd. Bareilly.
Hon'ble R.K.Agrawal, J.
Hon'ble Prakash Krishna, J.
The Income Tax Appellate Tribunal, Delhi has referred the following question of law under Section 256(1) of the Income Tax Act, 1961, hereinafter referred to as the Act, for opinion to this Court.
"Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in directing that the income derived by the assessee company was exempt under section 10(29) of the Income-tax Act, 1961?"
The reference relates to Assessment year 1978-79.
We have heard Sri A.N.Mahajan, learned Standing Counsel appearing for the Revenue and Sri Vikram Gulati, learned counsel appearing for the respondent-assessee.
It is not disputed by the learned counsel for the parties that the question referred to us is squarely covered by the decisions of this Court given in Income Tax Reference No.86 of 1985, Commissioner of Income Tax, Lucknow v. M/s Uttar Pradesh Rohilkhand Tarai Ganna Beej Vikas Nigam Limited, Bareilly, decided on 3rd September, 2004 and I.T.R. No.178 of 1984, decided on 10th February, 2004.wherein this court has answered this question in the affirmative i.e. in favour of the assessee and against the Revenue.
Respectfully following the aforesaid decision, which is inter partes, we answer the question of law referred to us in the affirmative, i.e., in favour of the assessee and against the Revenue. However, there shall be no order as to costs.
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