COMMISSIONER OF INCOME TAX Vs. GITSONS ENGINEERING CO.

JUDGEMENT

(1.) The Revenue has filed this appeal calling into question the order of the Income Tax Appellate Tribunal 'D' Bench, Chennai, dated 22.7.2011 made in I.T.A.No.796/Mds/2010 for the assessment year 2007-2008, by raising the following questions of law:

(2.) 1. The facts in a nutshell are as under: The assessee filed return of income for the assessment year 2007-2008 admitting NIL income on 31.10.2007 and the same was processed under Section 143(1) of the Income Tax Act, 1961 (for brevity, "the Act"). The case was selected for scrutiny on the basis of Computer Assisted Scrutiny System and notice under Section 143(2) of the Act was issued to the assessee and the case was taken up for hearing.

(3.) We have heard Mr.T.Ravikumar, learned Senior Standing Counsel appearing for the Department and Mr.V.S.Jayakumar, learned counsel appearing for the assessee.