| Citation(s) |
|---|
| 2002 SLG 176 2002 SLD 176 2002 PTD 1161 (2001) 251 ITR 200 |
Supreme Court of India
Civil Appeals Nos. 1636 of 1994 with Civil Appeals Nos. 3664 of 1992 and 1225 of 1993, decision dated: 21st February, 2001
S. P. BHARUCHA, N. SANTOSH HEGDE AND Y. K. SABHARWAL, JJ
S. Ganesh, Pritish Kapur and Ms. Sushma Suri, Advocates for Appellants. Pratap Venugopal and K.J. John, Advocates for
Respondent (in C. A. No. 1636 of 1994). V.U. Eradi, Ms. Gauri Rasgotra, K.V. Viswanathan and Ms. Suman Jyothi Khaitan, Advocates for Re
Civil Appeals Nos. 1636 of 1994 with Civil Appeals Nos. 3664 of 1992 and 1225 of 1993, decision dated: 21st February, 2001
S. P. BHARUCHA, N. SANTOSH HEGDE AND Y. K. SABHARWAL, JJ
S. Ganesh, Pritish Kapur and Ms. Sushma Suri, Advocates for Appellants. Pratap Venugopal and K.J. John, Advocates for
Respondent (in C. A. No. 1636 of 1994). V.U. Eradi, Ms. Gauri Rasgotra, K.V. Viswanathan and Ms. Suman Jyothi Khaitan, Advocates for Re
ASSISTANT COMMISSIONER oF Income Tax
VS
J. K. SYNTHETICS LTD CIVIL APPEAL NO. 3464 OF 1992 UNION OF INDIA vs INDO-GULF FERTILIZERS AND CHEMICALS CORPORATION LTD. CIVIL APPEAL NO.1225 OF 1993 UNION OF INDIA vs MODI CEMENT
Law: Income Tax Act, 1961
Section: 139
Income-tax----Assessment---Intimation on basis of return ---Assessee declaring loss in return---Loss reduced after adjustment---Additional income-tax on difference---Can be imposed---Indian Income Tax Act, 1961, S.143(1)(a), (IA) [as retrospectively amended in 1993)---[J.K. Synthetics Ltd. v. Assistant CIT (19931200 ITR 584 reversed). The assessee had returned a net loss. After adjustments made under section 143(1)(a) of the Income Tax Act, 1961, the amount of loss stood reduced. The Assessing Officer levied additional tax on the assessee under section 143(1A). On a writ petition challenging the levy of additional tax the High Court held that reduction in loss which did not result in converting the loss returned into profit did not attract additional tax [see (1993) 200 ITR 5841. The Department preferred an appeal to the Supreme Court, and in the meantime the provisions of section 143(1A) were retrospectively amended with effect from the date when the provisions came into force: Held, reversing the decision of High Court, that the retrospectively substituted subsection (1A) made it clear that even where the loss declared by the assessee had been reduced by reason of adjustments made under subsection (1)(a) the provisions of subsection (1A) applied and the additional tax could be imposed. CIT v. Hindustan Electro Graphites Ltd. 2000) 243 ITR 48 (SC) distinguished and doubted. J.K. Synthetics Ltd. V. Assistant CIT (1993) 200 ITR 584 reversed. The appeals of the 1304rtment from the decision of the Delhi High Court in Modi Cement Ltd. v. Union of India (1992) 193 ITR 91 and decision of the Allahabad High Court in Indo-Gulf Fertilizers and Chemicals Corporation Ltd. v. Union of India (1992) 195 ITR 485 were dismissed because the respective adjustments made in those cases had since been set aside. ORDER Civil Appeal No. 1634 of 1994 This appeal arises from the judgment of a learned Single Judge of the Delhi High Court (see (1993) 200 ITR 584) on a writ petition. The writ petition was made absolute and the Revenue is in appeal. The writ petitioner assessee had returned a net loss. After adjustments had been made by the taxing authorities under the provision of…
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