DY. C.I.T Vs. GUJARAT FILAMENTS LTD.

JUDGEMENT

(1.) WHILE admitting the appeal on 04.12.2000, the following substantial question of law was formulated for our consideration;

(2.) BRIEFLY stated, the facts are that the assessee -company is engaged in the business of manufacture of Filaments. The assessee filed its return of income for the A.Y. 1989 -90 declaring total income at Rs. 6,69,000/ -. However, after assessment scrutiny, the total taxable income was determined at Rs. 35,69,270/ -. On appeal, the CIT(A) deleted the addition of book profit and directed the A.O to recompute the book profit and thereby, allowed the appeal in part.

(3.) WE have heard learned counsel for both the sides. Identical issue came up for our consideration in Tax Appeal No. 390 of 1999, which came to be disposed of vide judgment and order dated 07.04.2011. For ready reference, the said judgment is reproduced hereunder;