1985 (12) TMI 5

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....MA, Actg. C.J.-This is a reference under section 256(1) of the Income-tax Act, 1961, at the instance of the Revenue for decision of the following question of law : " (1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in its conclusion that the Madhya Pradesh State Electricity Board, the assessee herein, is a company, being licensee within the ....

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.... loss of Rs. 44,02,028 but the same was subsequently revised on March 3, 1975, showing the loss at Rs. 3,61,03,429. The return was again revised on March 10, 1975, claiming that the loss was Rs. 3,68,12,429. A revised computation was again filed on March 15, 1977, showing the loss at Rs. 35,21,02,268. During the assessment proceedings, the assessee claimed development rebate at Rs. 4,28,58,585. Th....