COMMISSIONER OF INCOME TAX Vs. BHARTI AIRTEL LIMITED

JUDGEMENT

(1.) THIS appeal by the Revenue, which pertains to Assessment Year 2005 -06, has to be dismissed in view of the authoritative pronouncement of the Supreme Court in Commissioner of Income Tax versus Alagendran Finance Limited, (2007) 293 ITR 1 (SC).

(2.) RELEVANT facts in brief may be noticed. Return filed by the assessee for Assessment Year 2005 -06 was taken up for scrutiny and income was assessed at Rs.860,18,30,950/ - vide assessment order dated 31st December, 2007 after the setting off of brought forward loses and unabsorbed depreciation amounting to Rs.1941,17,35,146/ -.

(3.) SUBSEQUENTLY , the Assessing Officer issued notice under Section 147 and an order under Section 147 read with Section 143(3) dated 10th December, 2009 was passed. In the re -assessment order, two additions were made in respect of non - deduction of tax at source on payment of interest to ABN Amro Bank, Stockholm Branch. The second addition was made on account of ESOP expenses. The said order also discusses set off or brought forward loss or unabsorbed depreciation.