https://www.taxtmi.com/caselaws?id=351725 The tribunal upheld the Revenue's appeal, determining that the reopening of the assessment under Section 147 was justified. It was found that export incentives could not be included in the calculation of profits eligible for deduction under Section 80IC, as per the Supreme Court's decision in Liberty India Ltd. The tribunal emphasized that any opinion contrary to the Supreme Court's ruling is legally invalid. The reassessment order by the AO was upheld, overturning the CIT(A) decision, both on substantive grounds and the validity of the reassessment. en-us Tue, 28 Nov 2017 00:00:00 +0530 Fri, 02 Feb 2018 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351725 The tribunal upheld the Revenue's appeal, determining that the reopening of the assessment under Section 147 was justified. It was found that export incentives could not be included in the calculation of profits eligible for deduction under Section 80IC, as per the Supreme Court's decision in Liberty India Ltd. The tribunal emphasized that any opinion contrary to the Supreme Court's ruling is legally invalid. The reassessment order by the AO was upheld, overturning the CIT(A) decision, both on substantive grounds and the validity of the reassessment. Case-Laws Income Tax Tue, 28 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351725