2012 (1) TMI 397

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r. DR. ORDER N.S. SAINI, J. This is an appeal filed by assessee for the assessment year 2006-2007 against the order dated 15.02.2011 of Commissioner of Income Tax, Chennai. 2. At the outset, the ld. A.R. Shri B. Ramana Kumar argued Ground No. 2 of the appeal which reads as under: "2. On the facts and in the circumstances of the case, the CIT failed to appreciate that the show cause ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s of section 72A of the Income-tax Act, 1961. The same was allowed by the Assessing Officer in an order passed u/s 143(3) dated 19.12.2008. He further submitted that the ld. CIT because of an audit objection which was stated by the auditors of the company in the audit report on the statement of accounts of the assessee company that since the installed capacity is not ascertainable by the Mana....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....itted that during the course of assessment proceedings, the Assessing Officer had examined and allowed the set off of loss to the assessee. 5. On the other hand, the ld. D.R. Shri Shaji P. Jacob argued that it will be seen from the assessment order placed on record that there is absolutely no discussion whatsoever on any of the issues or points by the Assessing Officer and income returned ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er considering the rival submissions and perusing the relevant material on record, we find that the ld. CIT has stated in his order at page 2 that there was no discussion whatsoever on any issue or point by the Assessing Officer and the returned income of the assessee was accepted as such by him. On a query by the Bench that whether any enquiry was made by the Assessing Officer from the assessee o....