1996 (8) TMI 517

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... J. At the instance of the revenue, the Tribunal stated the case and referred the under-noted questions of law under section 256(1) of the Income-tax Act, 1961 ('the Act') arising out of the order dated 30-12-1991 passed in IT Appeal No. 179 (Ind.) of 1991, for our opinion :-                 "1. Whether, on the f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... a Public Limited Company. The assessee returned the loss of Rs. 17,30,98,382 for the assessment year 1989-90. The Assessing Officer made adjustments of Rs. 3,22,34,994 under section 143(1)(a) of the Act as particularised in the statement of the case. The assessee filed application under section 154 of the Act before the Assessing Officer for rectification of the order. The Assessing Officer partl....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e and Shri G.M. Chaphekar, learned senior counsel with Shri S.S. Samvatsar, for the non-applicant/assessee. 4 The counsel for the applicant, right at the threshold, submitted that if question No. (1) is answered in favour of the assessee, then question No. (2) need not be answered. The counsel for the non-applicant did not dispute this contention. 5. We notice that as regards the question of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....under section 43B or not. Suffice to say that the claim of the assessee does not lack bona fides and ex facie it cannot be included in the adjustment. Similar is the position of other adjustments." 6. It is clear that the Assessing Officer himself granted some relief under section 154 and the Commissioner (Appeals) also granted further relief in appeal. The Tribunal concluded that the claim of ....