( 1 ) THE petitioner-company seeks an appropriate writ to quash the order of the respondent-Income-tax Appellate Tribunal, Hyderabad, in M. P. No. 106/h of 1996, dated 1/04/1997, and to direct the Tribunal to dispose of the appeal afresh.

( 2 ) THE petitioner-company is engaged in manufacture and sale of biscuits. The Assessing Officer completed the assessment for the assessment year 1990-91 by an order dated 20/11/1992, computing the book profits under section 115j of the Income-tax Act, 1961 (for short "the Act"), at Rs. 6,19,900. Aggrieved by the said computation, the petitioner took up the matter in appeal to the Commissioner of Income-tax (Appeals) and the appeal was disposed of by an order dated 6/07/1995, confirming the assessment made by the Assessing Officer, following the decision of this court in V. V. Trans-Investments (P.) Ltd. v. CIT [1994] 207 ITR 508. The assessee carried the matter in further appeal before the Income-tax Appellate Tribunal, Hyderabad. The Tribunal, by an order dated November 26, 1996, disposed of the appeal by dismissing the same.

( 3 ) THEREUPON, the assessee has filed M. P. No. 106/hyd of 1996, under section 254 (2), of the Act, on 6/12/1996, bef

Click Here to Read the rest of this document