M/S The Mansa Cooperative Spinning Mills Ltd v. Commissioner Of Income Tax & Others

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH. I.T.A. No.24 of 2001 Date of decision: 18.11.2010 M/s The Mansa Cooperative Spinning Mills Ltd. -----Appellant. Vs. Commissioner of Income Tax & others. -----Respondents CORAM:- HON'BLE MR. JUSTICE ADARSH KUMAR GOELHON'BLE MR. JUSTICE AJAY KUMAR MITTALHON'BLE MR. JUSTICE AJAY KUMAR MITTAL Present:-Mr. M.R. Sharma, Advocatefor the appellant. for the appellant. Ms. Savita Saxena, Standing Counselfor the respondents. --- ADARSH KUMAR GOEL, J. This appeal has been preferred by the assesseeunder Section 260-A of the Income Tax Act, 1961 (for short, “theAct”) against the order of the Income Tax Appellate Tribunal,Amritsar in I.T.A. No.1312(ASR)/1992 for the assessment year1989-90 proposing to raise following substantial questions of law:- “i)Whether in the facts and circumstances of the case,Annexures P2, P8 and P9 are legally sustainable?Annexures P2, P8 and P9 are legally sustainable? ii)Whether in the facts and circumstances of the case,the order of the Appellate Tribunal upholding theimposition of additional tax at Rs.10,34,340/-especially when there is a loss as per the return filed,also as per the order of assessment, no tax isthe order of the Appellate Tribunal upholding theimposition of additional tax at Rs.10,34,340/-especially when there is a loss as per the return filed,also as per the order of assessment, no tax is payable as per assessment order and hence is legallysustainable? iii)Whether in the facts and circumstances of the case,the order of the Appellate Tribunal in upholding theimposition of additional tax on the basis of the lawamended latter on retrospectively is legallysustainable? iv)Whether in the facts and circumstances of the case,the order (Annexure P8) sustaining the imposition ofadditional tax of Rs.10,34,340/- on the basis of thereturn filed, order passed and the law as on that dateis legally sustainable?the order (Annexure P8) sustaining the imposition ofadditional tax of Rs.10,34,340/- on the basis of thereturn filed, order passed and the law as on that dateis legally sustainable? v)Whether in the facts and circumstances of the case,the confirmation of the imposition of additional tax islegally sustainable inspite of the specific mandateprovided by the Hon’ble Supreme Court of India in thecase of Commissioner of Income Tax Vs. HindustanElectro Graphites Ltd., 243 ITR page 48.” Learned counsel for the assessee fairly states that theissue is covered against the assessee by judgment of the Hon’bleSupreme Court inACIT v. J.K. Synthetics Ltd.(2001) 251 ITR200. Accordingly, the appeal is dismissed. (ADARSH KUMAR GOEL) JUDGE November 18, 2010ashwani (AJAY KUMAR MITTAL) JUDGE