458/AN/1998 by which the High Court has affirmed the decision of the Tribunal and dismissed the appeal filed by the Revenue.
on which reliance was placed by the assessee in IPCA Laboratory Ltd. supra , has been numbericed by this Court in paragraph 10 of the said judgment, thus Mr. Dastur also relied upon a judgment in the case of CIT v. T.C. Usha 2003 132 Taxman 297 Ker .
The issue involved in this appeal relates to the provisions of the Income Tax Act, 1961 for short the Act .
Commissioner of Income Tax, Mumbai 2004 12 SCC 742.
has also taken a similar view and has held that the losses would number be set off against the profits earned by an assessee from export of the goods manufactured by it.
This decisions of the Bombay High Court in the present case and the High Court of Kerala in C.I.T. v. T.C. Usha supra have been overruled by this Court in IPCA Laboratory Ltd. Dy.
In IPCA Laboratory Ltd. supra , the companynsel appearing for the assessee had placed reliance on two judgments, i.e., one by the Bombay High Court in CIT v. Shirke Construction Equiments Ltd. 2000 246 ITR 429 Bom.,
which is the judgment impugned in the instant appeal, and another by the High Court of Kerala in CIT v. T.C. Usha supra .
BHAN, J. With the leave of the Court, the Commissioner of Income Tax, Pune for short the Revenue has filed the present appeal against the Final judgment and order dated 24th July, 2000 passed by the High Court of Bombay in ITA No.
