2011 (9) TMI 15 - HC - Income Tax

Provision of Section 80 HHC (2)(b) - Since the Income Tax Appellate Tribunal was not right in holding that the calcined petroleum coke manufactured by the appellant was a mineral oil within the meaning of Section 80 HHC (2)(b) of the Act - The question of law accordingly is answered in favour of the assessee and against the Revenue - The decision of the Income Tax Appellate Tribunal confirming the order of the Commissioner of Income Tax as also the judgment and order of the Commissioner of Income Tax dated 13/08/2007 under Section 263(1) of the Income Tax Act 1961 are quashed and set aside.

Summary

The High Court Bombay High Court ruled in favor of the appellant in Tax Appeals under Section 260-A of the Income Tax Act, 1961, stating that calcined petroleum coke is not considered a "mineral oil" under Section 80 HHC (2)(b) of the Act. The decision of the Income Tax Appellate Tribunal and the Commissioner of Income Tax were quashed and set aside.