LAWS(DLH)-2005-7-135

COMMISSIONER OF INCOME TAX Vs. ADITYA CHEMICALS LTD.

Decided On July 29, 2005
COMMISSIONER OF INCOME TAX Appellant
V/S
Aditya Chemicals Ltd. Respondents

JUDGEMENT

(1.) if life is not logic, income -tax is much less so.

(2.) TO supply some factual content, it would be sufficient for us to refer to the facts in the case of ITA 205/2001. For the asst. yr. 1989 -90 the assessee filed its return of income showing a loss of Rs. 2.36 crores and the assessment was completed at a loss of Rs. 1.21 crores. The AO initiated penalty proceedings for concealment of income.

(3.) BEING aggrieved by this decision, the Revenue went up in appeal before the Supreme Court which, disposed the same [CIT vs. Prithipal Singh & Co. (supra)] by the following order :