KANOI PAPER INDUSTRIES LTD. Vs. COMMISSIONER I. TAX

JUDGEMENT

(1.) THE Court: The subject matter of challenge in this appeal is a judgment and order dated 18th December, 2003 by which the learned Tribunal reversed the order of the CIT(A) and allowed the appeal preferred by the Revenue. The learned Tribunal held as follows:

(2.) THE assessee has come up in appeal.

(3.) MR . Nizumuddin, learned Advocate, appearing for the Revenue, submitted that the Apex Court has already held in the case of Apollo Tyres Ltd. -VS -CIT, reported in : 255 ITR 273 that the assessing officer has limited power of making increases and reductions as provided for in the Explanation to Section 115JA. Therefore, the learned Tribunal was correct in taking the view it took. He submitted that the same Note was struck by the Delhi High Court in the case of CIT -VS. -C.J. International Hotels Ltd., reported in : 325 ITR 313 wherein the following views were expressed: