Sudhir Agarwal, J. - (1.) Heard Sri Alok Mathur, learned counsel for appellant and Sri Namit Sharma, learned counsel for respondent.
(2.) Both these appeals under Section 260-A of Income Tax Act, 1961 (hereinafter referred to as the "Act, 1961") have arisen from judgment and order dated 22nd April, 2016 passed by Income Tax Appellate Tribunal, Lucknow Bench 'B', Lucknow (hereinafter referred to as the "Tribunal") in Income Tax Appeals No. 504 and 505/LKW/2015 filed by Assistant Commissioner of Income Tax, Central Circle - II, Lucknow ( hereinafter referred to as "Revenue") against Assessee - Respondent M/s Jai Prakash Associates Ltd., relating to Assessment Year (hereinafter referred to as "A.Y.") 2007-08 and 2008-09. Tribunal by means of impugned judgment has dismissed both the appeals.
(3.) The facts in brief relating to two assessment years are stated in brief as under : - A.Y. 2007-08;