2017 (9) TMI 583

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.... June, 2013. 4. The facts and circumstances in which this order is challenged can be briefly set out. The Assessment order was passed for the Assessment year 2008-09. The Assessing Officer in the order dated 10th May, 2010 considered the returns filed on 29th September, 2008 declaring a total loss at Rs. 11,44,66,190/under normal provisions. Tax payable has been calculated at the rate of Rs. 34,60,805/under section 115JB of the Income Tax Act, 1961 on book profit of Rs. 3,05,45,502/This return was processed under section 143(1) on 26th September, 2009 determining refund of Rs. 66,02,489/. The case was selected for scrutiny and notice under section 143(2) was issued and served on the assessee. Further notice under section 142(1) was issue....

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.... Reliance Utilities and Power Ltd. [2009]313 ITR 340 . 6. The Tribunal in considering this issue did not agree with the Assessing Officer in the initial order but still came to the conclusion that there is a submission made by the assessee and based on that the issue needs to be answered in terms of paragraph 22 of the initial order dated 12th June, 2013. The Tribunal came to the conclusion that the balance sheet of the assesee as exhibited at page 1 of the paper books supports the contention of the Counsel that assessee has sufficient and own funds to cover up the investments. Therefore following the Judgment of the jurisdictional High Court namely in the case of Reliance Utilities and Power Ltd. (supra) the disallowance as computed by ....

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....nitial order. It is the response to the assessee's own statement or submission and relying on the balance sheet, as also the contentions raised before it, that the Tribunal held as above. Therefore as and when the assessee has also brought an appeal against initial order of the Tribunal before this Court all the more we should not entertain this petition. 10. We have considered these submissions and with the assistance of the learned Senior Counsel perused the entire petition and that part of the order of the Tribunal which was covered by the Miscellaneous Application, we find that if the jurisdictional High Court Judgment in the case of Reliance Utilities and Power Ltd. (supra) was held to be binding on the Tribunal, why the Tribuna....