COMMISSIONER OF INCOME TAX Vs. EICHER LTD

JUDGEMENT

(1.) The Revenue is aggrieved by an order dated 14th July, 2005 passed by the Income Tax Appellate Tribunal, Delhi Bench 'C' in ITA No.3966-67/Del/2002 relevant for the assessment years 1993-94 and 1994-95.

(2.) In this appeal, we are concerned only with the assessment year 1993-94.

(3.) The Assessee had filed its return of income on 27th December, 1993 and declared a loss. The Assessing Officer completed the assessment under the provisions of Section 143(3) of the Income Tax Act, 1961 on 7th December, 1995. Subsequently, he sought to reopen the assessment by issuing a notice dated 30th March, 2000 under Section 148 of the Act. The reason for reopening the completed assessment was to tax the waiver of interest allegedly not offered to tax by the Assessee.