COMMISSIONER OF INCOME TAX Vs. METROPOLITAN TRANSPORT

JUDGEMENT

(1.) This appeal by the Revenue filed under Section 260-A of the 'Income Tax Act, 1961' (hereinafter referred to as 'the Act') is directed against the order dated 16.11.2007 passed by the Income Tax Appellate Tribunal Madras 'B' Bench in ITA.No.2012/Mds/2006 for the Assessment Year 2001-02.

(2.) The appeal was admitted on 07.07.2008 on the following substantial question of law:

(3.) The respondent/assessee is a wholly owned Tamil Nadu Government undertaking, operating transport services. For the Assessment Year under consideration (2001-02), the assessee filed its return of income on 24.10.2001 declaring total loss of Rs.35,55,32,390/-. The return was processed under Section 143(1) of the Act on 10.04.2002. A notice under Section 148 of the Act dated 30.07.2003 was served on the assessee along with a questionnaire.