- (1.) Heard Mr. A. S. Jaiswal, learned counsel for the applicant and Mr. C. J. Thakkar, learned counsel for the respondent.
(2.) These three applications filed by the Revenue under section 256(2) of the Income-tax Act, 1961 were admitted on the following questions of law : "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee is an industrial company to which provisions of section 104 of the Income-tax Act do not apply (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee-company is eligible for deduction under section 80M of the Income-tax Act in respect of share income from the firms receiving the dividend income from other domestic companies -
(3.) As regards question No. 1 is concerned, in the assessee's own case for the earlier years being I. T. A. No. 35 of 1995, we have rejected similar question raised by the Revenue on April 21, 2007 CIT V/s. Jamnalal Sons Ltd., 2007 294 ITR 286Accordingly, question No. 1 raised in the present application is rejected.;