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TMI Blog2010 (8) TMI 334X X X X Extracts X X X X X X X X Extracts X X X X ..... ds/1993 datedJuly 29, 2002by raising the following questions of law : "1. Whether the Tribunal was, in the light of Circulars Nos. 559 of 1990 and 680 of 1994 and the decision of the Supreme Court in K. P. Varghese v. ITO [1981] 131 ITR 597, Paper Products Ltd. v. CCE [2001] 247 ITR 128 and CST v. Indra Industries [2001] 248 ITR 338 and this hon'ble court in the case of Special Steel Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n ?" The facts in brief : 2. The assessee is a company registered under the Companies Act, 1956. For the assessment year 1990-91, the assessee filed its return of income declaring an income of Rs. 22,09,360 being 30 per cent. of the book profit, as prescribed under section 115J of the Income-tax Act. The assessment was initially completed under section 143(1)(a) of the Act and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal and therefore, the assessee has filed the present appeal. 3. The questions of law raised in this appeal have already been decided by this court in CIT v. Rajanikant Schnelder and Associates P. Ltd. reported in [2008] 302 ITR 22, wherein this court was pleased to hold that the Assessing Officer does not have any power to embark upon a further enquiry relating to the entries made in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Division Bench of this court, was subsequently followed by this court in another case as well. 4. Considering the law laid down by this court and applying the same to the facts on hand, we are of the opinion that the questions of law raised will have to be answered in favour of the assessee. Accordingly, the questions of law are answered in favour of the assessee and the appeal is allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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