2011 (2) TMI 269

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....sp; Mr. Sukant Gupta, Standing Counsel for respondents.   ADARSH KUMAR GOEL, J.   This appeal has been preferred by the assessee under Section 260-A of the Income Tax Act, 1961 (for short, "the Act") against the order of the Income Tax Appellate Tribunal, Amritsar in I.T.A. No.25(ASR)/2006 for the assessment year 2001-02 raising following substantial questions of law:- "(i) W....

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....r Section 263 of the Act on the ground that benefit of Section 80 HHC could not be given by taking into account brought forward losses. This view has been upheld by the Tribunal.   Learned counsel for the assessee fairly states that the view taken by the Tribunal is in consonance with the law laid down by the Hon'ble Supreme Court in IPCA Laboratory Ltd. v. Dy. Commissioner of Income Tax, ....