2010 (1) TMI 982

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....Income-tax dated December 10, 2007 passed under section 263 of the Income-tax Act, 1961 (hereinafter referred to as "the Act" for short) for the assessment year 2003-04. Briefly stated, the facts of the case are that the assessee filed its return on January 30, 2003 admitting total income of Rs. 99,58,851 after claiming deduction under section 80HHC to the tune of Rs. 1,03,65,852. The assessmen....

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....nd the order to be erroneous in so far as it is prejudicial to the interests of the Revenue. Thus, he has set aside the assessment order dated October 31, 2003 for the assessment year 2003-04 to be passed de novo. Being aggrieved, the assessee is in appeal before us.   It was argued by the learned authorised representative with reference to the Central Board of Direct Taxes Circular No. 13....

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....section 80HHC. After carefully considering the rival submissions in the light of the material available on record including the copy of the Central Board of Direct Taxes circular referred to above, we are of the considered opinion that there is no error in the assessment order dated January 23, 2006. This is not a case in which it can be said that the Assessing Officer has not applied his mind.....