- (1.) HEARD learned counsel for the parties.
(2.) THE appeal was admitted on the following substantial questions of law:- "(1) Whether the learned Tribunal was in error in affirming the order of the Commissioner (Appeals), whereby the expenditure has been allowed despite the fact that the revised return was filed after expiry of the time permitted by Section 139 (5) of the Income Tax Act? (2) Whether the finding of the learned Tribunal about admissibility to carry forward of losses and to recompute the deduction under Section 80HHC (1A) is contrary to the judgment of Hon'ble the Supreme Court reported in 266 ITR 521, wherein the judgment of Bombay High Court reported in 246 ITR 429 was overruled?" So far as question No.2 is concerned, learned counsel for both the parties conceded that this question has already been examined and answered by Hon'ble the Apex Court in IPCA Laboratory Ltd. vs. Deputy Commissioner of Income-tax reported in 266 ITR 521=(2004) 135 TAXMAN 595(SC). Therefore, this question be decided in favour of Revenue and against the assessee.
(3.) IN view of statement of learned counsel for the parties, the question No.2 is decided in favour of Revenue and against the assessee.;