TITANOR COMPONENTS LTD Vs. CIT

JUDGEMENT

(1.) This is an appeal preferred under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as 'IT Act') by the assessee against the judgment of the Income Tax Appellate Tribunal (hereinafter referred to as the 'Tribunal') dated 24.04.1999 passed in ITA No. 2079/D/98 pertaining to assessment year 1994-95.

(2.) The brief facts which have led to the present appeal are as follows:

(3.) With this background the assessee filed its return for the relevant assessment year, i.e., 1994-95. The assessee's return was a loss return which, pegged the loss at Rs 1,28,71,873/-. During the course of assessment, the assessing officer noted that the assessee had claimed a deduction under the provisions of Section 80IA of the I.T. Act amounting to Rs 2,62,20,996/- against a gross total income of Rs 1,33,49,093/-.