HARISIDDH SPECIFIC FAMILY TRUST Vs. CIT

JUDGEMENT

(1.) INCOME-TAX Appellate Tribunal, Ahmedabad Bench 'a' (the Tribunal) has referred the following question at the instance of the applicant-assessee:

(2.) THE Assessment Year in question is 1988-89. At the outset learned Senior Standing Counsel for the respondent-revenue invited attention to order dated 27. 08. 2007 made by this Court in Tax Appeal No. 378 of 1999 and Tax Appeal Nos. 558 of 1999 and 559 of 1999 to submit that identical issue was considered by the High Court and the appeals filed by the applicant-assessee have been dismissed.

(3.) MR. S. N. SOPARKAR, learned Senior Counsel appearing on behalf of the respondent-assessee in the present case, attempted to distinguish the said order by inviting attention to provisions of Sections 80i of the Income-tax Act, 1961 (the Act) and Section 32ab of the Act as well as the Investment Deposit Account Scheme framed under Section 32ab of the Act for the purposes of claiming deduction to submit that the earlier order deserves re-consideration.