2011 (1) TMI 27

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....e Respondent : Ms. Kavita Jha, Mr. Amit Sachdeva & Mr. Somnath Shukla, Advocates SANJAY KISHAN KAUL, J (ORAL) 1. The respondent filed returns for the Assessment Year 1989-90 which were assessed by the Assessing Officer vide order dated 26.03.1992. The assessment order records that "other income" have been shown by the assessee in Schedule „K to the balance sheet of the respondent compa....

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....spondent/assessee was granted relief and in terms thereof, the deduction was recomputed against profit and gains of business as arrived at under Schedule „VI of Companies Act, 1956 (in short, „Companies Act) for the purpose of section 32 AB of the said Act. This resulted in the deduction being enhanced to Rs.3,95,85,158/-. As a necessary corollary, the taxable income was reduced. 4.....

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....owed at 20% on profit of business of the respondent after excluding "other income". 6. The assessee aggrieved by this order, preferred an appeal before the Tribunal and succeeded in terms of the order dated 05.01.1999. The department thereafter, carried the matter further in the present appeal and the question of law was framed by the order dated 07.09.2000. For the sake of convenience, the que....

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....with an "erroneous order" passed by the Assessing Officer. Thus, it is not, as if in every case where there is loss of revenue, as a consequence of order passed by the Assessing Officer, can it be treated as prejudicial to interest of revenue. Consequently, if the Assessing Officer has adopted one of the courses permissible in law, which resulted in loss of revenue or where two views are possible ....