COMMISSIONER OF INCOME TAX Vs. SAURASHTRA CEMENT LTD

JUDGEMENT

(1.) THIS appeal u/s.260A of the Income Tax Act, 1961 is filed against the judgment and order dated 13.01.2005 passed by the Income Tax Appellate Tribunal, Rajkot Bench in ITA No.162/RJT/1999 whereby, the appeal filed by the assessee is partly allowed.

(2.) THE facts in brief are that the assesseecompany is engaged in the business of manufacturing and selling of Cements. The assessee filed the return of income on 30.11.1994 declaring loss at Rs.14,25,77,366/ -. Thereafter, the return was revised twice and in the first revised return filed on 31.12.1994, the loss shown was at Rs.14,58,02,276/ -. The assessee filed the second revised return on 29.03.1996 reducing the loss to Rs.5,22,99,863/ -. This return was revised on account of sales and payment made in last Assessment Year before due date of filing of return of income and the sole payment made was subsequently claimed for deduction on paid basis in A.Y. 1993 -94. Assessment scrutiny was undertaken and ultimately, the Assessing Officer passed the order of assessment u/s.143(3) on 31.03.1997.

(3.) BEING aggrieved by the order of Assessing Officer, appeal was preferred before the CIT(A). The CIT(A) partly allowed the appeal vide order dated 25.01.1999. Against the order of CIT(A), appeals were filed before the Appellate Tribunal. After hearing both the sides, the Appellate Tribunal partly allowed the appeal of the assessee, vide impugned judgment and order dated 13.01.2005. Hence, this appeal. This appeal was admitted on 29.08.2006 on the following substantial question of law;