LAWS(P&H)-2017-2-97

PUNJAB TRACTORS LTD. Vs. COMMISSIONER OF INCOME TAX

Decided On February 03, 2017
PUNJAB TRACTORS LTD. Appellant
V/S
COMMISSIONER OF INCOME TAX Respondents

JUDGEMENT

(1.) This is an appeal against the order of the Income Tax Appellate Tribunal confirming the order of the Commissioner of Income Tax (Appeals). The matter pertains to the assessment year 2008-09.

(2.) The appeal is admitted on the following substantial questions of law framed by us:-

(3.) The appellant filed its return of income declaring a business income of Rs. 1,05,52,20,790/-. The case was taken under scrutiny. The assessee derives income from the manufacturing and sale of tractors, harvester combines, forklifts and components/spares. During the assessment year 2008-09 it declared a profit of about Rs. 97.10 crores on a turnover of about Rs. 988 crores.