- (1.) Present appeal has been filed by the appellant-assessee under Section 260-A, against the judgment and order dated 05.01.2012, passed by the Income-tax Appellate Tribunal, Lucknow, in I.T.A. No.119/Lko/2007, for the assessment year 2003-04.
(2.) On 11.05.2012, a Coordinate Bench has admitted the appeal on the following substantial question of law:- "Whether the ITAT has committed substantial illegality by not recording a finding in terms of judgment of this Court dated 28.07.2009, passed in Income Tax Appeal No.148 of 2008 whereby the Division Bench of this Court held that it is not evident as to under what circumstances the special audit was not completed within the stipulated period of 30 days or whether the period of audit was extended by the assessing authority ?"
(3.) The brief facts of the case are that the appellant-assessee is an apex level cooperative society registered under the Cooperative Societies Act, 1965 and is engaged in various business including the purchase and sale of agricultural products, seeds and fertilizers as a nodal agency of Government of U. P. It has several but different sections like marketing, trade, sugar projects, cold storage, seeds, fertilizers etc. It has also rental income from the godowns.;