PRINCIPAL COMMISSIONER OF INCOME TAX,BHUBANESWAR vs. INDUSTRIAL DEVELOPMENT CORPORATION OF ORISSA LTD.

In the result, the appeal stands disposed of in terms of

Bench: DR. JUSTICE S. MURALIDHAR (CJ),MR. JUSTICE MURAHARI SRI RAMAN

Section 260-A of the Act and accordingly, answered the identical substantial question of law framed, against the revenue and in favour of the assessee. The co-ordinate bench has observed that, based on the material evidence, the CIT(A) and the Tribunal held that the transaction of the assessee with the Companies, M/s. Rajender Steels and M/s. Kedia Group