COMMON JUDGMENT

The respondent herein is a company primarily involved in the manufacturing of cements. The assessment of tax for the Assessment Years 2003-04 and 2004-05 were challenged by the respondent and the same was partly allowed by the Appellate authority. The appeal by the Revenue before the Tribunal was dismissed through a common order. These two Tax Case Appeals filed under Section 260 A of the Income Tax Act by the Revenue against the common order dated 15.07.2009 passed by the ITA T in No:778/Mds/08 and No:779/Mds/08, confirming the order of the Appellate Authority.

2. Brief facts leading to the appeals:

M/s.India Cements Ltd, filed return of income for the Assessment Year 2003-2004, admitting a loss of Rs.174,21,40,971/-. The return was processed under Section 143 (1) of the Act. Later, it was taken up for scrutiny after causing notice under (2). On hearing the assessee, the Assessing Officer passed order on 31.03.2006 computing the income as below:-

Computation of Income

3. Against the above Assessment, the assessee went on appeal before the Commissioner of