2008 (11) TMI 689 - HC - Income Tax

Summary

Issues involved: Appeal u/s 260A of the Income Tax Act, 1961 against the judgment of the Income Tax Appellate Tribunal regarding the assessment year 2000-01.

The High Court considered an appeal u/s 260A of the Income Tax Act, 1961 against the judgment of the Income Tax Appellate Tribunal pertaining to the assessment year 2000-01. The substantial question of law framed was whether the Tribunal was correct in allowing the assessee's claim of alleged profits derived from the business of power generation while computing book profits u/s 115JA of the Act, especially when the power generated was solely for captive consumption. It was noted that similar issues had arisen in the assessee's case for the assessment year 1997-98, where the Tribunal had dismissed the Revenue's appeal. The Tribunal in the present case relied on its earlier judgment from 1997-98. Since the Revenue's appeal against the 1997-98 judgment had been dismissed by the High Court, the present appeal met the same fate and was consequently dismissed.