Law:

Section:

JUDGMENT M.R. Shah, J. - As common question of law and facts arise in this group of appeals and pertain to the same assessee and when heard together as a matter of convenience, therefore, we dispose of all these appeals together by this common order. 2. Feeling aggrieved and dissatisfied with the impugned common judgment and order passed by the learned Income Tax Appellate Tribunal (hereinafter referred to as the "Tribunal") dated 07.01.2005 passed in ITA No.806/AHD/1999 for the AY 1994-95, ITA No.807/ AHD/ 1999 for the AY 1995- 96 and ITA No.1475/AHD/2000 for the AY 1996-97, common appellant - assessee has preferred present Tax Appeals to consider the following substantial questions of law. Tax Appeal No.1346 of 2005 "Whether on facts and in the circumstances of the case, Income Tax Appellate Tribunal, was right in law in confirming that the appellant was not entitled to the deduction under Section 80IA of the Income Tax Act, 1961 in respect of Central Excise Duty set off of Rs. 41,43,478/- and Sales Tax set off Rs.19,970/-?" Tax Appeal No.1347 of 2005 "Whether on facts and in the circumstances of the case, Income Tax Appellate Tribunal, was right in law in confirming that the appellant was not entitled to the deduction under Section 80IA of the Income Tax Act, 1961 in respect of Central Excise Duty set off of Rs. 83,97,099/-?" Tax Appeal No.1348 of 2005 "Whether on facts and in the circumstances of the case, Income Tax Appellate Tribunal, was right in law in confirming that the appellant was not entitled to the deduction under Section 80IA of the Income Tax Act, 1961 in respect of Central Excise Duty set off of Rs. 62,29,316/-?" 3. For the sake of convenience, we will take the facts of Tax Appeal No.1346 of 2005 arising out of the judgment and order passed by the learned Tribunal passed in ITA No.806/AHD/1999 for the AY 1994-95. 3.1 That the assessee is a closely held company engaged in the business of mfg of dyes and chemicals filed its return of income for AY 1994-95 on 28.11.1994 declaring total income at Rs. NIL after claiming inter alia the deduction of Rs.5,52,485/- under Section 80IA. That the said deduction was arrived at by computing the profits of…

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