VIRENDRA R GANDHI Vs. A C I T

JUDGEMENT

(1.) BY way of this appeal, the appellantassessee has challenged the order dated 27.01.2003 passed in ITA No.1953/Ahd/1996 by the Income Tax Appellate Tribunal, Ahmedabad (for short "the ITAT").

(2.) THE facts in brief are that the assessee is one of the Directors in Vadilal Industries Limited and Vadilal Chemical Limited. The assessee filed a return of income on 31.08.1993 for the assessment year 199394, showing a loss of Rs.4,76,271/. Thereafter, on 16.09.1993 a revised return of income was filed in which the total income declared was 48,799/. The return of income was processed under Section 143(1)(a) of the Income Tax Act. On 19th October, 1994, the Assessing Officer passed an order under Section 143(3) of the Income Tax Act and determined the total income of the assessee at Rs.6,19,635/.

(3.) WHILE admitting this appeal on 11.08.2003, the Court had formulated the following question of law: