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DELHI HIGH COURT
SANJIV KHANNA, SANJEEV SACHDEVA
Commissioner of Income Tax – Appellant
Versus
Goetze (India) Limited – Respondent
Sanjiv Khanna, J.
ITA Nos. 1179/2010 and 1366/2010
1. These two appeals by the Revenue under Section 260A of the Income Tax Act, 1961 (Act, for short) relate to Assessment Year 2000-01. We note that the name of the assessee-Goetze (India) Limited underwent a name change and is now known as Federal-Mogul Goetze (India) Limited. In ITA Nos. 1179/2010 and 1366/2010 by order dated 16th May, 2012, the following substantial question of law was framed:-
"Whether the Income Tax Appellate Tribunal was right in setting aside the order passed by the Commissioner of Income Tax under Section 263 of the Income Tax Act, 1961?"
2. The respondent-assessee for the assessment year 2000-01 had filed return of income on 31st November, 2000 declaring loss of Rs.3,05,26,654/- under normal provisions and positive book profit of Rs.2,86,09,379/- under Section 115JA of the Act. This return was subsequently revised on 28th March, 2002 and the positive book profit declared under Section 115JA was reduced to Rs.1,92,73,285/-. By assessment order dated 28th February, 2003, income declared under Section 115JA was accepted but some additions were made on income computed under the normal provisions and
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