2001 (7) TMI 4

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... justed against the project cost or the oil refinery and petrochemicals, the main business for which the company was set up - Held, yes - Civil Appeal No. 3024 of 1999 - - - Dated:- 24-7-2001 - Judge(s) : S. P. BHARUCHA., Y. K. SABHARWAL. and BRIJESH KUMAR. ORDER The order under challenge was passed on a reference to the High Court (see [20001 245 ITR 708), under the Income-tax Act, 1961 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 99] 236 ITR 315, that it is so confined and did not apply where the receipts were directly connected with or were incidental to the work of construction of the assessee's plant. The decision CIT v. Bokaro Steel Ltd. (1999) 236 ITR 315 (SC) has been followed by a two judge Bench of this court in CIT v. Karnal Co-operative Sugar Mills Ltd.. [2000] 243 ITR 2 and by a three-judge Bench in CIT v. Karna .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X