2012 (9) TMI 268

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..... e facts of Civil Appeal No.1070 of 2009 filed by the Department, which concerns Assessment Year 1998-1999. 3. The assessee is aggrieved by denial of deduction which it claimed under Section 80IA of the Income Tax Act, 1961 [`Act', for short]. 4. In this case, Return was filed by the assessee on 30th November, 1998, showing income of Rs.36,27,866/-. The said Return was processed under Section 143 .....

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..... appears that the assessee had sold raw wool, wool waste and textile and knitting cloths. When a query was raised, the assessee contended that, for certain business exigencies in the assessment year in question, it had sold the above items. However, according to the assessee, the sale of raw wool, wool waste, etc., would not disentitle it from claiming the benefit under Section 80IA of the Act on .....

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..... However, the Income Tax Appellate Tribunal has reversed the findings given by CIT(A), which view has been upheld by the High Court. Hence, the civil appeal has been filed by the assessee. 5. In our view, the findings given by ITAT and the High Court are findings of fact. In this case, we are not concerned with the interpretation of Section 80IA of the Act. On facts, we find that the assessee ough .....

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