- (1.) These three Income Tax Appeals u/sec. 260A of the Income Tax Act, (for short, 'IT Act') are directed against the order passed by the Income Tax Appellate Tribunal, Jaipur (for short, 'ITAT') in ITA No.1296/JP/1996, ITA No.1694/JP/1993 & ITA No.390/JP/2002 dt.12/01/2004, 14/10/2004 & 27/07/2005 respectively for the assessment years 1992-93, 1990-91 and 1998-99 respectively.
(2.) Since the controversy in all the three assessment years is common and arising in between the same parties, therefore, all these three appeals are being disposed of by this common order.
(3.) The appeals were admitted on the following substantial question of law:- Substantial question of law in DB ITA 185/2004:- "(i)Whether the term 'Profit and Gains' used in section 80HH & 80I of the Income Tax Act 1961 with reference to an eligible industrial undertaking have the same meaning as the term 'income' whereas the statute uses both the terms independently in different provisions of the Act? (ii)Whether the 'Profits and Gains' of current year of the eligible undertaking would be relevant for computing deduction u/s. 80HH and 80I of the Act or the income computed after reducing depreciation allowance u/s 32(1), unabsorbed depreciation u/s 32(2) and unabsorbed loss u/s 72 shall be relevant for these deductions?" Substantial question of law in DB ITA No.20/2005. "(i)Whether the learned Tribunal was justified in holding that the deduction under Chapter VIA are to be given from the amount of Gross Total Income for the purpose of computing the deduction u/S.80HH and 80I of the Income Tax Act 1961? (ii)Whether the term 'Profit and Gains' used in Section 80HH & 80I of the Income Tax Act, 1961 with reference to an eligible industrial undertaking have the same meaning as the term 'income' whereas the statute uses both the terms independently in different provisions of the Act.? (iii)Whether the 'Profits and Gains' of current year of the eligible undertaking would be relevant for computing deduction u/S.80HH and 80I of the Act or the income computed after reducing depreciation allowance u/S.32(1) shall be relevant for these deductions?" Substantial question of law in DB ITA No.31/2006 "(i) Whether the term 'Profit and Gains' used in section 80HH of the Income Tax Act 1961 with reference to an eligible industrial undertaking have the same meaning as the term 'income' whereas the statute uses these terms independently in different provisions of the Act? (ii)Whether the 'Profits and Gains' of current year of the eligible undertaking would be relevant for computing deduction u/s 80HH of the Act or the income computed after reducing depreciation allowance u/s 32(1) shall be relevant for this deduction?";