The assessee filed an application under Section 154 of the Income Tax Act, 1961 dated 18.02.1992 praying for rectification of the demand.
Digitally signed by MAHABIR SINGH Date 2020.03.19 Brief facts necessary to be numbered for deciding this 183708 IST Reason appeal are The assessee is a Government Company as defined under Section 617 of the Companies Act, 1956.
The Revenue aggrieved by the judgment of the learned Single Judge filed a Special Appeal which has been allowed by the Division Bench of the High Court vide its judgment dated 13.11.2007 upholding the demand of additional tax.
The assessee prayed for quashing the demand of additional tax.
The return was filed by the assessee on 31.12.1991, prior to which date the Taxation Laws Amendment Act, 1991 had companye into operation.
In the petition it was stated that even after allowing only 75 of depreciation the income of the assessee remained to be in loss to Rs.3,43,94,90,393/ .
The assessee aggrieved by the judgment of the Division Bench has companye up in this appeal.
Additional tax under Section 143 1 A of the Income Tax Act, 1961 amounting to Rs.8,63,64,827/ was demanded.
The assessee also filed a petition under Section 264 of the Income Tax Act, 1961 against the demand of additional tax.
427,39,32,972/ .
The assessee supported the returns with provisional revenue account, balance sheet as on 31.03.1991, details of gross fixed assets, companyputation chart and depreciation chart.
Aggrieved by the order of the Commissioner of Income Tax challenging the demand of additional tax which was reduced to amount of Rs.7,67,68,717/ Writ Petition No.2267 of 1992 was filed by the assessee in the High Court of Judicature for Rajasthan, Bench at Jaipur.
No numberice under Section 143 2 of the Income Tax Act, 1961 was received by the assessee.
Signature Not Verified 2.
Learned Single Judge vide judgment dated 19.01.1993 allowed the writ petition quashing the levy of additional tax under Section 143 1 A .
The application filed under Section 154 of the Income Tax Act, 1961 was rejected by the Assessing Officer on 28.02.1992.
Clearly, therefore, in this case the additional tax had to be charged on the basis of the tax chargeable on the sum of Rs.83,44,42,579/ added by the Assessing Officer.
An intimation under Section 143 1 a of the Income Tax Act, 1961 dated 12.02.1992 was issued by the Assessing Officer disallowing 25 of the depreciation, restricting the depreciation to 75.
The assessee filed return on 30.12.1991 for the assessment year 1991 92 showing a loss amounting to Rs.
No tax was payable on the said return by the assessee.
ASHOK BHUSHAN, J. This appeal has been filed by the assessee challenging the Division Bench judgment dated 13.11.2007 of the High Court of Judicature for Rajasthan at Jaipur Bench, Jaipur by which D.B. Civil Special Appeal Writ No.837 of 1993 filed by the Revenue has been allowed upholding the demand of additional tax under Section 143 1 A of the Income Tax Act, 1961.
