AMD METPLAST PVT LTD Vs. CIT

JUDGEMENT

(1.) M/S AMD Metplast Private Limited has filed the present appeal under Section 260A of the Income Tax Act, 1961 (Act, for short) impugning order dated 31st August, 2010 passed by the Income Tax Appellate Tribunal (tribunal, for short). The appeal pertains to the assessment year 2005-06. After hearing learned counsel for the parties, the following substantial question of law is framed:

(2.) With the consent of the parties, the matter is taken up for hearing/disposal and arguments have been heard.

(3.) The facts are not in dispute. The appellant is a company and for the assessment year 2005-06 had filed a return declaring NIL annual income after accounting for unabsorbed depreciation of Rs. 1,18,68,142/-.