Aloke Chakrabarty, J. - (1.) This is an appeal under Section 260A of the Income-tax Act, 1961, challenging the judgment and order passed by the Income-tax Appellate Tribunal on January 14, 2003, dealing with the assessment of income of the petitioner company for the assessment year 1996-97.
(2.) The facts relevant for the purpose of disposal of the present appeal are that the assessee-company mainly engaged in the business of manufacture and sale of jute goods, filed its return of total income in respect of the financial year ending on March 31, 1996, declaring the assessable income as nil. The return was filed with tax audit report of its chartered accountants in the prescribed form and with statement of particulars also in the prescribed form.
(3.) The Assessing Officer completed the income-tax assessment of the assessee for the said assessment year 1996-97 by assessment order dated March 31, 1999, passed under Section 143(3) of the Act. While passing the said assessment order, the Assessing Officer disallowed under Section 43B of the Act deduction of a sum of Rs. 2,60,809 on account of bonus paid to the employees of the assessee-company beyond the due date applicable in its case for furnishing the return of income under Section 139(1) of the Act.;