PRINCIPAL COMMISSIONER OF INCOME TAX-II, AMRITSAR Vs. GURDASPUR CO-OPERATIVE SUGAR MILLS LTD PANIAR, GURDASPUR

JUDGEMENT

(1.) This order shall dispose of three appeals bearing ITA Nos. 213 of 2015, 210 and 302 of 2012 as learned counsel for the parties are not at variance that all the appeals can be decided together and identical questions of law and facts are involved therein. For brevity, the facts are being extracted from ITA No. 213 of 2015.

(2.) This appeal has been preferred by the revenue under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 22.12.2014 (Annexure A-3) passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (hereinafter referred to as "the Tribunal") in ITA No. 55/ASR/2014 for the assessment year 2007-08, claiming the following substantial questions of law:-

(3.) A few facts necessary for adjudication of the instant appeal as narrated therein may be noticed. The assessee filed its return on 31.10.2007 for the assessment year 2007-08 in the status of Cooperative Society (AOP) declaring loss at Rs. 5,20,19,492/- plus agriculture income of Rs. 5,62,677/- and had claimed carry forward losses of earlier year amounting to Rs. 19,33,40,880/-. The said return was processed on 24.3.2008 under Section 143(1) of the Act. The Assessing Officer framed the assessment vide order dated 4.12.2009 (Annexure A- 1) under Section 143(3) of the Act making an addition of Rs. 44,55,335/- on account of scrap lying with the assessee at the end of financial year.