COMMISSIONER OF INCOME TAX Vs. TAMILNADU ELECTRICITY BOARD

JUDGEMENT

(1.) THIS appeal is filed against the order of the Income Tax Appellate Tribunal, Madras 'c' Bench, Chennai, dated 28. 02. 2008 passed in ITA No. 1639/mds/2006.

(2.) THE assessee is the Tamilnadu Electricity Board, which had come into existence through an enactment. For the assessment year 2002-2003, the assessee filed loss returns without audit report under Section 44ab and the said return was considered invalid by order dated 30. 10. 2002. The assessee filed a 264 petition to the Commissioner of Income Tax Appeals and the same was dismissed on 08. 12. 2003. Subsequently, the assessee filed a revised return admitting additional loss along with 44ab report. Since the original return was treated as non est, the revised return was treated as a belated return and accordingly did not allow carry forward of losses and unabsorbed depreciation.

(3.) AGGRIEVED against the assessment order, the assessee filed appeal to the Commissioner of Income Tax (Appeals), who allowed the appeal holding that the revised return admitting additional loss along with 44ab report was a valid return and directed the carry forward of losses and unabsorbed depreciation.