CIT Vs. SASAN POWER LTD.

JUDGEMENT

(1.) The Revenue by present appeal under Section 260A of the Income Tax Act (Act, for short) impugns the order dated 29.4.2011 passed by the Income Tax Appellate Tribunal (tribunal, for short) in ITA No.2819/2010. The appeal relates to assessment year 2007-08.

(2.) The respondent-assessee had filed its return of income on 30.10.2007 declaring nil income. By assessment order dated 30.10.2009, the Assessing Officer assessed income of Rs.2,71,92,899/- by disallowing interest expenses of Rs.1,36,11,665/- and Rs.1,35,81,234/- being document development expenses.

(3.) The respondent-assessee succeeded in the first appeal and the tribunal has affirmed the said decision and upheld the deletions made by the Commissioner of Income (Appeals).