- (1.)DELAY condoned. Leave granted in S.L.P. (C.) Nos. 31206 of 2011 and 19006 of 2012.
(2.)WE have heard Mr. V. Shekhar, learned senior counsel for the Revenue and Mr. V.P. Gupta, learned Counsel for the Assessee.
(3.)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) 125. The proposition of law propounded in TISCO [1963] 48 ITR (SC) 125 has rightly been applied by the High Court in the facts and circumstances of the case. The view taken by the High Court, therefore, is in conformity with the law laid down in TISCO [1963] 48 ITR (SC) 125. No interference is called for. Civil appeals are, accordingly, dismissed with no order as to costs.