COMMISSIONER OF INCOME TAX Vs. BHARAT ALUMINIUM CO LTD
HIGH COURT OF DELHI
COMMISSIONER OF INCOME TAX DELHI-I, NEW DELHI
BHARAT ALUMINIUM CO. LTD.
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V.B.GUPTA, J. -
(1.) The Revenue has filed the present appeal under Section 260A of the Income Tax Act, 1961( for short as Act) against the order dated 6th October, 2004 passed by Income Tax Appellate Tribunal (for short as Tribunal) in ITA No.1818/Del/2004 for the assessment year 1999-2000.
(2.) The appeal was admitted for hearing and following substantial questions of law have been formulated for determination:-
"(i) Whether the order passed by the AO was erroneous and prejudicial to the revenue in as much as the AO had accepted the revised computation of income without any revised return filed by the assessee as required under Section 139(5) of the Act" (ii) Whether the revised computation of income could be accepted even after the expiry of time limit to file a revised return as prescribed under Section 139(5) of the Act""
(3.) The brief facts are that the Assessee filed Income-tax return for the assessment year 1999-2000 on 31st December, 1999 declaring income of Rs. 160,03,15,698/-. The said return was processed under Section 143(1)(a) on 8th September, 2000 and thereafter the case was selected for scrutiny. During the course of assessment proceedings, the Assessee vide letter dated 26th December, 2001 filed revised computation of income thereby reducing the income to Rs.133,21,90,698/- by claiming further expenses of Rs.26,81,25,000/- on account of additional power cost and other expenses in connection with failure of transmission tower which earlier were not claimed in the original return.;
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