COMMISSIONER OFINCOME TAX Vs. JINDAL STAINLESS LIMITED

JUDGEMENT

(1.) The present appeal has been filed under Section 260A of Income Tax Act, 1961 (for brevity, "Act") challenging the order dated 22nd June, 2009 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in ITA No. 1847/Del/2008, for the Assessment Year 2004- 2005.

(2.) Briefly stated the relevant facts of the present case are that the respondent-assessee filed a return declaring income of ` 71.43 crores. However, the assessment was completed under Section 143(3)/153A of the Act wherein respondent-assessee's income was computed at ` 83.06 crores. On 10th April, 2007, the Assessing Officer (in short, "AO") reduced the income to ` 79.81 crores under Section 154 of the Act.

(3.) Subsequently, as the AO was of the opinion that the respondent- assessee had not added a sum of ` 39.28 lacs being provision for doubtful debts and advances/bad debts to the income, he issued a fresh notice under Section 154 of the Act. Since the respondent-assessee did not respond to the said notice, another notice dated 13 th July, 2007 was issued.