COMMISSIONER OF INCOME-TAX Vs. PUNJAB TRACTORS LIMITED

JUDGEMENT

(1.) This appeal by the Revenue under Section 260-A of the Income-tax Act, 1961 (for short,'the Act') is directed against order dated 24.8.2005, passed by the Income-tax Appellate Tribunal, Chandigarh Bench 'B' (for short, 'the Tribunal') in I.T.A. No. 223/Chandi/2005, for the assessment year 2001-02, raising the following substantial question of law:

(2.) For the assessment year 2001-2002 assessee filed return declaring its income at Rs. 1,39,87,89,240/- on 31.10.2001 which was processed under Section 143(1) of the Act. Thereafter the assessee filed ITA No. 161 of 2006 -2- revised return on 25.3.2003 declaring its income at Rs. 1,40,09,63,750/- which was again processed under Section 143(1) of the Act on 28.3.2003.

(3.) The case of the assessee was taken for scrutiny by issuing notice under Section 143(2) of the Act on 6.5.2002. During the course of assessment, the Assessing Officer ordered that sales tax and excise duty be included in the total turnover for the purpose of calculation of deduction under Section 80HHC of the Act. Accordingly, the relief under Section 80HHC of the Act was re-calculated. The assessee succeeded in appeal before the Commissioner of Income Tax (Appeal) (for short 'the CIT(A)').