CAIRN INDIA LTD. Vs. DIRECTOR OF INCOME TAX

JUDGEMENT

(1.) This is an appeal preferred by the Assessee against the judgement and order of the Income Tax Appellate Tribunal (in short, "the Tribunal") dtd. 20/12/2012, pertaining to Assessment Year (AY) 2004-2005.

(2.) Before we proceed to adjudicate the substantial questions of law framed in the instant appeal at the time of admission, it would be appropriate to advert to the essential facts, which led to the institution of the present appeal :

(3.) In respect of the period under consideration, the Assessee filed its return on 28/10/2004, whereby, it declared a total income of Rs.49,16,89,883.00, after claiming deduction under Sec. 80IB(9) of the 1961 Act. The deduction claimed under Sec. 80IB(9) was an amount equivalent to Rs.68,55,77,018.00; being purported profits and gains derived by the subject undertakings from production and refining of mineral oil.