RAKESH KUMAR GARG, J. - (1.) THIS judgment will dispose of IT Appeal Nos. 503, 370, 387 and 399 of 2007 as similar question of law is involved in all these appeals. However, the facts are taken from IT Appeal No. 503 of 2007.
(2.) THE Revenue has filed the present appeal under s. 260A of the IT Act, 1961 (for short the 'Act') against the order dt. 1999 -2000 raising the following substantial question of law : "Whether on the facts and the circumstances of the case, the Hon'ble Tribunal was right in law in holding that no undue advantage has been taken by the assessee by adjusting the unutilized modvat credit in the revaluation of opening stock."
(3.) THE respondent assessee, which is a company, had filed its return of income for the asst. yr. 1999 -2000 showing income of Rs. 9,83,21,890. The assessee is a manufacturer and exporter of cotton yarn, woollen hosiery garments and 2002 at an income of Rs. 14,94,37,679. Aggrieved against the aforesaid assessment order, the assessee preferred an appeal before CIT(A), Ludhiana, who;