2011 (8) TMI 660

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....e order of the Tribunal dismissing the appeal by confirming the finding of the lower authority that the refund may be granted in accordance with the provisions of section 240(b) of the Income-tax Act, 1961.   2. The assessee is carrying on the business of pharmaceuticals. A search was conducted and accordingly, a notice under section 158BC was issued requesting the assessee to file a retur....

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....ed under section 158BC of the Act was invalid and, consequently, the assessment was annulled. It was further held that since the amount of tax computed by the Assessing Officer was the exact amount, on which the assessment order came to be passed, there is no question of making any refund. Consequently, the appeal was allowed. The Assessing Officer giving effect to the said order, rejected the cla....

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....unded to the assessee in accordance with the provisions of section 240(b) of the Act. Accordingly, the relief was granted by allowing the appeal. The Revenue being aggrieved against this order preferred an appeal to the Tribunal. The Tribunal dismissed the appeal. Hence, the present appeal by the Revenue.   3. This appeal was admitted to consider the following substantial questions of law ....

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....unsel appearing for the respondent, defends the impugned order. He submits that the finding has already been recorded and, hence, the questions of law are required to be answered in favour of the assessee.   6. Heard counsel.   7. The Appellate Commissioner placed reliance on the order passed in the sister concern of the assessee in the case of Micro Labs Ltd. In the said case, the....