COMMISSIONER OF INCOME TAX Vs. RICHA AND CO

JUDGEMENT

(1.) THIS is an appeal under S. 260A of the IT Act, 1961 (in short, "the Act").

(2.) THE assessee had filed its return for the asst. year 1989 90. An intimation under S. 143(1)(a) of the Act had been issued to it. Subsequently action under S. 154 of the Act was initiated on the ground that in view of the retrospective amendment of S. 28(iiib) by the Finance Act, 1990, operative with retrospective effect, the assessee's claim for deduction under S. 80HHC of the Act was to be altered for the purpose of an allowance. Overruling the assessee's objection that such action was not permissible under S. 154 of the Act, the AO passed an order by which he reduced the allowance of deduction under S. 80HHC of the Act. An appeal was preferred by the assessee before the Commissioner of Income tax (Appeals) [in short, "the CIT(A)"]. The said authority upheld the AO's order. The matter was carried in further appeal before the Income tax Appellate Tribunal, Delhi Bench "D", New Delhi (in short "the Tribunal"). By order dt. 30th March, 2000, the Tribunal held that S. 154 of the Act was not applicable to the facts of the present case. It inter alia, made the following observations :

(3.) LEARNED counsel for the assessee, on the other hand, submitted that all the requisite information were supplied and, therefore, there was no scope for taking resort to s. 154 of the Act.