Reopening of assessment u/s 147 - Claim of deduction made u/s...

Reopening of assessment u/s 147 - Claim of deduction made u/s 10A and 10B - the applicability of Clauses (ii) and (iii) of Sub Clause (2) to Section 10B of the Act, the impugned order passed by the Income Tax Appellate Tribunal is proper. As the assessee Company would be entitled to deduction under Section 10A and disallowance made by the Assessing Officer was not correct. Since the order passed under Section 263 itself has been set aside, the cause of action for re-assessment does not survive. - HC