R.K.AGRAWAL,J. - (1.) Leave granted.
(2.) The present appeal has been filed against the judgment and order dated 11.05.2012 passed by the High Court of Delhi in ITA Nos.1411 of 2009, ITA Nos. 967 and 968 of 2011 wherein the Division Bench of the High Court while allowing the above appeals filed by the respondent herein set aside the order dated 27.02.2009 passed by the Income Tax Appellate Tribunal (in short 'the Tribunal') holding that the respondent herein is entitled to claim the benefit of Section 80-IA of the Income Tax Act, 1961(in short 'the IT Act').
(3.) Brief facts: (a) M/s Container Corporation of India Ltd. (CONCOR)-the respondent herein is a government Company and is engaged in the business of handling and transportation of containerized cargo and is under the direct administrative control of Ministry of Railways. Its operating activities are mainly carried out at its Inland Container Depots (ICDs), Container Freight Stations (CFSs) and Port Side Container Terminals (PSCTs) spread all over the country. (b) The issue in the present case pertains to the assessment year 2003-04 to 2005-06. The respondent herein filed the returns on the income for all these years and claimed deduction under various heads including deduction under Section 80-IA of the IT Act. This issue is with regard to the deduction claimed under Section 80-IA on the profits earned from the Inland Container Depots (ICDs) and on rolling stocks. The claim for deduction on the profits earned from the ICDs and further the deduction on account of rolling stocks has been rejected by the Assessing Officer vide Assessment Order dated 28.02.2006. (c) The respondent herein, being aggrieved with the aforesaid order, filed an appeal being No. 325/05-06 to the Commissioner of Income Tax (Appeals)-VI, New Delhi. Learned CIT (Appeals), vide order dated 29.05.2007, partly allowed the appeal while rejecting the deduction claimed under Section 80-IA of the IT Act. Being aggrieved, the respondent herein further preferred ITA Nos. 2851 and 3680/DEL./2007, 2753 and 4477/DEL/2007 before the Tribunal. The Tribunal, vide order dated 27.02.2009, partly allowed the appeal and held that the deduction under Section 80-IA can be claimed with regard to the rolling stocks of the company but with regard to the ICDs. (d) Being aggrieved by the order dated 27.02.2009, the respondent herein challenged the same before the High Court by filing three Income Tax Appeals being Nos. 967 of 2011, 1411 of 2009 and 968 of 2011. The Division Bench of the High Court, vide judgment and order dated 11.05.2012, allowed the appeals and held that the Respondent herein is entitled to claim deduction on the income earned from the ICDs for the relevant period under consideration under Section 80-IA of the IT Act. Being aggrieved by the judgment and order dated 11.05.2012, the Revenue has preferred this appeal before this Court.;