CIT Vs. KEI INDUSTRIES LTD.

JUDGEMENT

(1.) THE question of law framed in this case is as follows:

(2.) THE brief facts of this appeal under Section 260A of the Income Tax Act, 1961 (hereinafter "the Act") are as follows. M/s. Kei Industries Ltd., (hereinafter the "Assessee") is a Public Limited company, engaged in the business of manufacturing cables, wires and stainless steel wires selling them to public sector companies and Electricity Board. It filed its return of income on 29.09.2008 declaring Rs. 1,49,18,516/ - as income for the year under consideration. It was assessed under the provisions of Section 143(3) of the Act. The Assessing Officer (AO) during the assessment proceedings, noticed that:

(3.) AGGRIEVED , the assessee preferred an appeal to the Commissioner of Income Tax (Appeals) (hereafter "CIT (A) ") . The CIT(A) confirmed the AO's position and findings holding that: