2010 (9) TMI 45

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....n I. T. A. No. 2587/Del/2006 for the assessment year 2003-04.   4. By way of present appeal, the following questions of law have been raised :   "(i) Whether the Income-tax Appellate Tribunal/Commissioner of Income-tax (Appeals) erred in directing the Assessing Officer (in short "AO") to allow the revised claim of the assessee-company for deduction under section 10B?   (ii) Whether the Income-tax Appellate Tribunal erred in law in treating the revised return filed by the assessee on March 31, 2006 as valid, when the last date for filing of return as per the provisions of section 139(5) March 31, 2005?   (iii) Whether the Income-tax Appellate Tribunal erred in accepting the change of method of accounting the financial....

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....unal is only required to consider a question of law arising from the facts which are on record in the assessment proceedings we fail to see why such a question should not be allowed to be raised when it is necessary to consider that question in order to correctly assess the tax liability of an assessee.   The reframed question, therefore, is answered in the affirmative, i.e., the Tribunal has jurisdiction to examine a question of law which arises from the facts as found by the authorities below and having a bearing on the tax liability of the assessee."   7. Consequently, in our opinion, the first two questions are conclusively settled against the Revenue.   8. As far as the objection of the Department with regard to the c....