2016 (1) TMI 1369

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....the above appeal, are as follows:- The appellant is a company, incorporated during the year 1988, with the main object of doing business as investors and dealers in immovable properties. The main object also permits it to invest in partnership firms and to carry on the business of production of audio-visual presentations, cinema and radio commercials etc., 2.1. The assessee had filed return of income, for the assessment year 2001-2002, on 31.10.2001, claiming a total loss of Rs. 4,06,91,278.00. The return was processed, under Section 143 (1) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") and subsequently, the case had been taken up for scrutiny and a notice under Section 143 (2) of the Act had been issued. 2.2. ....

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.... dated 20.07.2005 and 17.02.2006, respectively. 3. Aggrieved by the order of the Income Tax Appellate Tribunal, the Assessee has preferred the present Appeal, raising the following substantial questions of law:- "1. Whether the Tribunal is correct in concluding that the first appeal was not competent on the issue of claim revenue expenses / business loss relating to the shelving of film production project in the computation taxable total income for the assessment year under consideration irrespective of forceful submission of revised Balance Sheet and Profit and Loss A/c before the respondent and irrespective of the remand report of the respondent? 2. Whether the Tribunal is correct in concluding that Rule 27 of Appella....