JT. C.I.T. Vs. UNITED PHOSPHOROUS LTD.

JUDGEMENT

(1.) BRIEFLY stated, the facts are that the assessee filed its return of income along with the Tax Audit Report on 29.11.1995. However, subsequently, the assessee filed a revised return of income showing total income at Rs. 2,99,88,894/ - on 31.03.1997. The return was scrutinized u/s. 143(1)(a) and ultimately, the Assessing Officer passed the order of assessment dated 30.03.1998. On appeal being preferred, the learned CIT(A) passed the order dated 28.10.1999. Being aggrieved by the same, appeals were preferred before the Income Tax Appellate Tribunal. After hearing both the sides, the Appellate Tribunal partly allowed the appeals, vide order dated 22.05.2001. Hence, this Tax Appeal.

(2.) WHEN the matter was earlier heard on 08.01.2002, the following order was passed by the coordinate Bench of this Court;

(3.) INSOFAR as question No. (1) was concerned, the Apex Court answered the same in favour of the assessee and against the Revenue as the same was covered by its decision rendered in the case of Dy. Commissioner of Income Tax, Ahmedabad v. M/s. Core Health Care Ltd. passed in Civil Appeal No. 3952 -55 of 2002. However, insofar as question No. (2) was concerned, the Apex Court remitted the matter to the High Court for reconsideration in view of the omission of Section 34(1) of the Act w.e.f. 01.04.1988.