https://www.taxtmi.com/caselaws?id=35284 The High Court upheld the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, finding that the Assessing Officer had the authority to do so if there was a reason to believe income had escaped assessment. The appellant's claim for deduction on account of Duty Draw Back and DEPB incentives under Section 80-IB was disallowed as they did not qualify as "profits derived from industrial undertaking." The court dismissed the appeal, ruling no substantial question of law arose from the ITAT's order, and confirming the correctness of the reassessment decision. en-us Wed, 18 Nov 2009 00:00:00 +0530 Sat, 29 Dec 2012 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35284 The High Court upheld the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, finding that the Assessing Officer had the authority to do so if there was a reason to believe income had escaped assessment. The appellant's claim for deduction on account of Duty Draw Back and DEPB incentives under Section 80-IB was disallowed as they did not qualify as "profits derived from industrial undertaking." The court dismissed the appeal, ruling no substantial question of law arose from the ITAT's order, and confirming the correctness of the reassessment decision. Case-Laws Income Tax Wed, 18 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35284