RANA POLYCOT LTD. Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The assessee has filed this appeal under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 28.10.2013, Annexure A.3 passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'A', Chandigarh (in short, "the Tribunal") in ITA No.1386/CHD/2010 for the assessment year 2006-07, claiming following substantial question of law:-

(2.) A few facts relevant for the decision of the controversy involved as narrated in the appeal may be noticed. The appellant is engaged in the business of manufacturing cotton yarn, dyed yarn and knitted garments. Return of income was filed by it on 17.11.2006 declaring nil income after setting off unabsorbed depreciation. The assessment was framed vide order dated 26.12.2008 passed by the Assessing Officer (Annexure A.1) by making following additions: <FRM>JUDGEMENT_284_LAWS(P&H)8_2015_1.html</FRM>

(3.) We have heard learned counsel for the parties.