2003 (10) TMI 22

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.... a reference under section 256(1) of the Income-tax Act, 1961. The following question is referred for decision of this court: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in holding that additional tax under section 143(1A) was not leviable on the assessee?" The assessee filed a return for the assessment year 1991-92 claiming total loss of R....

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....ee took up the matter before the Tribunal. The Tribunal however held that the revenue authorities were not justified in levying additional tax under section 143(1)(a). The assessee raised a contention that at the time when the loss return was filed and also processed under section 143(1)(a), the matter was not free from doubt as to whether there could be levy of additional tax under section 143(1)....

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....y substituted sub-section (1A) made it clear that even where the loss declared by the assessee had been reduced by reason of adjustments made under sub-section (1)(a) the provisions of sub-section (1A) applied and the additional tax could be imposed. Counsel appearing for the assessee however took up the stand, placing reliance on the decision of the apex court in CIT v. Hindustan Electro Graph....