2015 (5) TMI 232

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....stice M. R. Shah) 1. Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Tax Appellate Tribunal, 'B' Bench, Ahmedabad dated 20.10.2006 passed in ITA No.3229/Ahd/2003 for A.Y.1990-1991, the Revenue has preferred the present tax appeal to consider the following substantial questions of law:- "(A) Whether the Appellate Tribunal is right i....

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....the main issue?" 2. Mrs. Bhatt, learned advocate appearing on behalf of the appellant-Revenue has vehemently submitted that as such, the Tribunal had materially erred in entering into the merits of the case without deciding the issue whether the Assessing Officer was justified in rejecting the rectification application submitted by the assessee which was submitted under Section 154 of the Incom....

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....ed that as such, the respondent-company has gone into liquidation and the Official Liquidator has been appointed. However, nobody has appeared on behalf of the Official Liquidator. The same would be the fate even if the matter is remitted either to the learned Tribunal or to the Assessing Officer to consider the issue on merits afresh. Therefore, we ourselves have considered the issue with respect....

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....ofit was not required to be included to be part of accumulated profit. As such, as observed by the learned Tribunal, the issue is already settled by the Hon'ble Supreme Court against the Revenue in the case of Associated Banking Corporation of Ind. Ltd. V/s. Commissioner of Income-Tax, Bombay reported in (1965) Vol.56 ITR 1 (SC) by which, the view taken that the profit accrues when the books o....