COMMISSIONER OF INCOME TAX Vs. ALBORZ INDUSTRIES

JUDGEMENT

(1.) THIS income-tax appeal was admitted on some other questions of law but after hearing the parties we are of the considered opinion that the following questions of law arise in this appeal :

(2.) THIS appeal has been filed by the Revenue and is directed against the order of the Tribunal, Chandigarh dt. 13th Aug., 2007 whereby it accepted the appeal of the assessee, set aside the order of the CIT passed under S. 263 and consequently upheld the order of the AO.

(3.) FOR the asst. yr. 2001-02 the assessee declared total income of Rs. 90,17,776 and claimed deduction of this entire amount in terms of S. 80-IB. The case of the assessee was taken up for scrutiny in terms of s. 143 of the Act and notices were issued to the assessee calling upon it to give some information. The AO vide his order dt. 2nd April, 2003 accepted the explanation given by the assessee and came to the conclusion that the same was genuine and thereby accepted the return of the assessee.