(Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA) This appeal is admitted on the following substantial questions of law:-
(1) Whether the Tribunal below committed substantial error of law in confirming the action of the CIT (Appeals) and the Assessing Officer in applying amended provision of Section 10B of the Income Tax Act, 1961, notwithstanding the fact that the appellant was entitled to exemption under Section 10B for Assessment Year 2000-01 being the assessment year immediately preceding the Assessment Year 2001-02, the assessment year in which the amended provisions were made effective;
(2) Whether the Tribunal below committed substantial error of law in not appreciating the proviso contained in Section 10B(1) of the Act by virtue of which once the exemption is allowed the assessee should be entitled to such exemption for the next nine consecutive unexpired periods;
(Bhaskar Bhattacharya, Actg. C.J.) (J.B.
Pardiwala, J.) */Mohandas Top