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2. Brief facts of the case are that the assessee is a public limited company engaged, inter alia, in the business of real estate. Assessee was granted permission on 12.04.2006 by Directorate of Industries & Commerce, Punjab for development of Integrated Industrial Park on 40 acres of land at Focal Point, Phase VIII, Ludhiana ("Project"). For the assessment year 2008-09, the assessee filed the original return of income on 29.09.2008 declaring income of Rs.9,51,70,507 under normal provisions of the Act. Subsequently, during the course of assessment proceedings, the assessee revised its financial statements and e-filed revised return of income for the year under consideration on after excluding net profit of Rs.16.87 crore, both while computing income under normal provisions and also under section 115JB of the Act. According to the assessee, despite the fact that the permission was hedged with various conditions, including in particular, prohibition on pre-launch of the Project, the assessee, on pre-launch basis, entered into agreement for sale of part of the Project, resulting in recognition of notional amount of Rs.85.24 crores as revenue, which was subsequently cancelled, and in the revised audited financial statements duly approved by the members, the assessee excluded an amount of Rs.85.24 crores erroneously recognized as revenue in the original financial statements, resulting in reduction of profit after tax by Rs. 16.87 crores. Based on the revised audited and approved financial statements, the assessee, in the revised return of income, declared loss of Rs.4,02,77,064 under the normal provisions.