COMMISSIONER OF INCOME TAX Vs. NEPC INDIA LIMITED

JUDGEMENT

(1.) THE Revenue has come up on appeals as against the common order of the Income Tax Appellate Tribunal, Madras 'A' Bench dated 13.12.2002 in ITA.Nos.1019/Mds/2002 and 1265/Mds/2002 raising the following substantial questions of law:-

(2.) THE assessee is engaged in the business of manufacture and sale of windmills, power generation and airlines. In the return of income filed on 28.11.1997, the assessee showed the book profit before the Assessing Officer at Rs.5,537.87 lakhs. The assessee further admitted Rs.1,601.36 lakhs being 30% of the book profit as deemed income under Section 115JA of the Income Tax Act. Evidently, the assessee did not pay the tax on the basis of the book profit calculated under Section 115JA.

(3.) THE Assessing Officer processed the return under Section 143(1) and viewed that the revised return of income filed by the assessee after one year from the end of the assessment year 1997-98 as not valid in the eye of law. The Assessing Officer pointed out that the assessee should have filed the revised return of income on or before 31.3.1999. Aggrieved by the assessment, the assessee went on appeal before the Commissioner of Income Tax (Appeals), which was dismissed by the Commissioner that the order was not an appealable order under Sections 246A to 248 of the Income Tax Act.