2015 (2) TMI 759

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..... n [2008 (11) TMI 44 - DELHI HIGH COURT] has correctly relied upon the decision of Tata Iron and Steel Co. Ltd. v. State of Bihar [1962 (9) TMI 49 - SUPREME COURT] to conclude it is quite evident that assessee's CPPs can as a matter of principle derive profits which is in point of fact embedded in the ultimate profit earned on the sale of the final product. - Assessee is entitled to reduce from .....

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..... Mr. V. P. Gupta, learned counsel for the assessee. 4. The High Court in the impugned order has relied upon the decision of the six-judge Bench of this court in Tata Iron and Steel Co. Ltd. v. State of Bihar [1963] 48 ITR (SC) 123. The proposition of law propounded in TISCO [1963] 48 ITR (SC) 123 has rightly been applied by the High Court in the facts and circumstances of the case. The view tak .....

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