Assessment restored back with direction to await pending decision before High Court: ITAT Chennai

Bharat Technologies Auto Components Ltd. Vs ITO (ITAT Chennai) ITAT Chennai held that in view of pending decision before Madras High Court which has a bearing on the assessment, the assessment is restored back to the file of AO with a direction to await the pending decision. Facts- The assessee filed return of income on 27.11.2003 admitting an income of Rs.1,14,84,108/- and later filed the revised return on 01.11.2004 admitting ‘NIL’ income. AO noted that the reason for filing the revised return was due to the adjustment of loss carried forward in the case of M/s. Ucal Power Systems Ltd., ...