HINDUSTAN ANTIBIOTICS LTD. Vs. CIT-V

JUDGEMENT

(1.) THIS appeal filed by the assessee is directed against the order dated 29 -03 -2012 passed u/s. 263 by the CIT -V, Pune relating to A.Y. 2007 -08.

(2.) FACTS of the case, in brief, are that the assessment in this case was completed u/s. 143(3) on 23 -12 -2009 determining the total income at Rs. 86,61,76,060/ - as against returned loss of Rs. 33,66,81,931/ - filed by the assessee. Subsequently, the Ld. CIT examined the records and noted that the order framed u/s. 143(3) was erroneous and prejudicial to the interest of the revenue within the meaning of section 263 of the I.T. Act for the following reason:

(3.) THE Ld. Counsel for the assessee strongly challenged the order of the CIT assuming jurisdiction u/s. 263. He submitted that the assessee is a public sector undertaking and has filed its return of income on 31 -10 -2007 which was subsequently revised on 17 -03 -2009 declaring total loss of Rs. 33,66,81,931/ -. He submitted that during the course of assessment proceedings the assessee has furnished all the details that were called for by the AO. Referring to page 4 of the assessment order dated 23 -12 -2009 he submitted that the AO in the said order has given set off to the brought forward loss of earlier years to the tune of Rs. 120,17,43,049/ -. Referring to page 26 of the paper book, he drew the attention of the Bench to the order dated 30 -12 -2008 passed u/s. 143(3) for the A.Y. 2006 -07 and drew the attention of the Bench to the carried forward losses as determined by the AO which is as under: