JUDGMENT :

M.R. Shah. J.

Leave granted in all the special leave petitions.

2. As common question of law arises in this group of appeals, all these appeals are being disposed of together, by this common judgment and order.

3. For the sake of convenience, Civil Appeal No. 8890 of 2012 (Commissioner of Income Tax, Bombay vs. Tasgaon Taluka Sahakari Sikhar Karkhana Limited) is treated and considered as a lead case, and therefore, the facts from the said appeal are narrated and considered.

3.1 The assessee (respondent herein) is a Co-operative Society engaged in the business of production of sugarcane and sale thereof. The assessee filed its return of income for the Assessment Year 1998-99 declaring 'NIL; income. In the return, the assessee computed carry forward loss of Rs. 40,00,339/- and unabsorbed depreciation of Rs. 1,67,26,665/-. The return was processed under Section 143(1) (a) of the Income Tax Act, (hereinafter referred to as the 'Act'), making adjustment of Rs. 2,02,242/- relatable to Section 40A (3) of the Act. Thereafter the assessee filed a revised return wherein business lo