Iqbal Ahmed Ansari, J.

1. This is an appeal under section 260A of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), against the order dated January 28, 2011, passed by the learned Income-tax Appellate Tribunal, Guwahati Bench (hereinafter referred to as "the learned Tribunal"), in Income-tax appeal (in short, "ITA") No. 131/Gau/2008 for the assessment year 2004-05. The appeal has been admitted on the following substantial question of law for determination and decision:

Whether, in the facts and in the circumstances of the case, the learned Tribunal was justified in confirming the order dated February 21, 2008, of the learned Commissioner of Income-tax, Dibrugarh, in exercise of his powers under section 263 of the Income-tax Act, 1961?

2. We have heard Mr. G.N. Sahewalla, learned senior counsel for the assessee-appellant, and Mr. S. Sharma, learned counsel for the respondent.

3. The material facts giving rise to this appeal may in brief be set out as under:

(i) The appellant is a company incorporated under the Companies Act, 1956, and is engaged in manufacture of coke, etc., in its industrial establishment, which has started operating with effect from September 11,