ABHAY MANOHAR SAPRE,J. - (1.) This appeal is directed against the final judgment and order dated 14.03.2007 passed by the High Court of Madhya Pradesh at Gwalior in Misc. Appeal(Income Tax) No.6 of 2005 whereby the Division Bench of the High Court allowed the appeal filed by the respondent and set aside the order passed by the ITAT and restored the order of the Commissioner of Income Tax.
(2.) The question involved in the appeal lies in a narrow compass. Few facts, however, need mention to appreciate the same.
(3.) The appellant is a limited company registered under the Companies Act . It is a State Government Undertaking which is established with a view to develop and assist the State in the development of industrial growth centers/areas, to promote, encourage and assist the establishment growth and development of industries in the State of M.P. The appellant is an "assesse" under the Income Tax Act , 1961 (hereinafter referred to as "the Act").;