- (1.) This civil appeal is filed by the Assessee. It pertains to the assessment year 1997-98.
(2.) The Assessee is an industrial undertaking. It is engaged in the manufacture of steel products. It commenced business during the assessment year 1995-96. It is entitled to deduction under Section 80IA.
(3.) For the assessment year 1997-98, a return of income was filed disclosing an income of Rs. 3,31,188.00. The total income declared by the Assessee was Rs. 34,92,096.87 on which amount a deduction under Section 80IA at 30 per cent. amounting to Rs. 10,47,629.00 was claimed. On the balance of Rs. 24,44,467.87, a sum of Rs. 21,13,280.00 was adjusted being carry forward losses of earlier assessment years. The said return was processed under Section 143(1)(a) of the Income-tax Act, 1961 ("the Act"). An intimation was accordingly sent to the Assessee determining the taxable income at Rs. 3,31,190.00.;