% 09.10.2015
1. This appeal by the Assessee under Section 260A of the Income Tax Act, 1961 („Act‟) is directed against an order dated 26 th September 2014 passed by the Income Tax Appellate Tribunal („ITAT‟) in ITA No. 4375/D/2010 for the Assessment year („AY‟) 2002-03.
2. Admit.
3. Having heard learned counsel for the parties, the following question of law is framed:
4. The Assessee filed its return of income for the Assessment Year („AY‟) 2002-03 on 31st October 2002 declaring income at Rs.67,91,500. The Assessee‟s case was selected for scrutiny under Section 143(1) of the Act on 24th June 2003. An order was passed on 31st January 2005 under Section 143(3), assessing the income at Rs.71,46,170. One of the items of expenditure was a sum of Rs.20,71,489 under the head "Royalty & Cess".