TaxTMI 
TaxTMI 
2012 (4) TMI 378
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....988-89; T.C. (A) Nos.397 and 401 of 2005 relate to the assessment year 1989-90, T.C. (A) Nos.398, 399 and 402 of 2005 relate to the assessment year 1990-91, and T.C.(A) No.403 and 404 of 2005 relate to the assessment year 1993-94. 3. In respect of all these assessment years, the common substantial question of law relates to the relief under Section 35AB as well as the question of limitation for reopening the assessment. As a matter of record, in respect of the assessment years 1988-89 and 1989-90 viz., T.C. (A) Nos.396 and 400 of 2005 and T.C. (A) Nos.397 and 401 of 2005 respectively, the following are the substantial questions of law: 1. Whether in the facts and circumstances of the case, the Tribunal was right in holding t....
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....lating to the assessment years 1986-87 and 1987-88 and held that the assessment in respect of the assessment years 1989-90 and 1990-91 too were barred by limitation. In the appeals preferred by the Revenue before the Income Tax Appellate Tribunal in respect of assessment years 1986-87 and 1987-88, the Tribunal agreed with the assessee's claim on the reopening of the assessment and held the limitation issue in favour of the assessee. As against the order of the Income Tax Appellate Tribunal, the Revenue had not admittedly filed any appeal before this Court, a fact which is not disputed by the Revenue too. Leaving aside this, a perusal of the order of the Tribunal shows that the basis for reopening of the assessment was that the assessee had ....
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....erring to amount actually paid or incurred according to the method of accounting upon the basis on which the profits and gains are computed under the head of profits and gains in business or profession, the Commissioner of Income Tax (Appeals) held that the assessee is having the account on mercantile basis and hence, allowed the claim on merits. The Commissioner of Income Tax (Appeals) granted the relief under Section 35AB. The Commissioner of Income Tax (Appeals) pointed out that the correct deduction allowable in the year was much lower than what was allowed by the Assessing Officer. 9. Aggrieved by the order of the Commissioner of Income Tax (Appeals) both on the aspect of jurisdiction as well as on the applicability of Section ....