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TMI Blog2006 (1) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... NT The judgment of the court was delivered by P. D. DINAKARAN J.-The above tax case appeals have been preferred by the Revenue against the order of the Tribunal dated July 18, 2005, made in I. T. A. Nos. 1164 and 1165/Mad/2001 for the assessment years 1995-96 and 1996-97, respectively. The Revenue is the appellant. The assessment years involved are 1995-96 and 1996-97. The case of the appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal income was a positive income. The Assessing Officer however held that the assessee had exercised its option under section 10B, even though the business income was a negative figure. On appeal to the Commissioner of Income-tax (Appeals) by the assessee, the Commissioner of Income-tax (Appeals) decided the issue in favour of the assessee following the Tribunal order in I. T. A. No. 520/Mad/ 199 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n law in holding that the conditional option can also be exercised under section 10B of the Act? (iii) Whether the Income-tax Appellate Tribunal is correct in law in holding that it was open to the assessee to claim the option already exercised under section 10B of the Act, when the assessee has incurred a loss under the head 'Business', and that the Revenue is not justified in foisting the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the return. This court in the assessee's own case in Tax Case No. 302 of 2001 held that in this case, the withdrawal was made along with the return which return had been filed before the expiry of the due date. Hence, applying the ratio laid down by this court in the abovesaid decision, we do not see any question of law much less a substantial question of law that arises for consideration. Acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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