UNITED PHOSPHORUS LIMITED Vs. JOINT CIT

JUDGEMENT

(1.) W hile admitting the appeal on 24.12.2001, the following questions of law were formulated for our determination;

(2.) BRIEFLY stated, the facts are that the assessee filed its return of income for the A.Y. 199596 on 29.11.1995 declaring total income of Rs.3,84,97,110/. Subsequently, the said return of income was revised and second return of income was filed on 31.03.1997 declaring total income of Rs.2,99,88,894/. Vide order dated 30.03.1998, the A.O assessed the income of the assessee at Rs.16,21,60,213/.

(3.) THE assessee challenged the said order by filing appeal before the CIT(A). The CIT(A) partly allowed the appeal vide order dated 28.10.1999. On appeal being filed before the Appellate Tribunal, the same was partly allowed, vide order dated 22.05.2001. Being aggrieved by the same, the assessee has preferred the present appeal.