2010 (8) TMI 334

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.... by the Tribunal in I. T A. No. 3086/Mds/1993 datedJuly 29, 2002by raising the following questions of law :   "1. Whether the Tribunal was, in the light of Circulars Nos. 559 of 1990 and 680 of 1994 and the decision of the Supreme Court in K. P. Varghese v. ITO [1981] 131 ITR 597, Paper Products Ltd. v. CCE [2001] 247 ITR 128 and CST v. Indra Industries [2001] 248 ITR 338 and this hon'ble ....

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....ting the book profit under the said section ?"   The facts in brief :   2. The assessee is a company registered under the Companies Act, 1956. For the assessment year 1990-91, the assessee filed its return of income declaring an income of Rs. 22,09,360 being 30 per cent. of the book profit, as prescribed under section 115J of the Income-tax Act. The assessment was initially complet....

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....r appeal made by the Revenue was allowed by the Tribunal and therefore, the assessee has filed the present appeal.   3. The questions of law raised in this appeal have already been decided by this court in CIT v. Rajanikant Schnelder and Associates P. Ltd. reported in [2008] 302 ITR 22, wherein this court was pleased to hold that the Assessing Officer does not have any power to embark upon....