2011 (3) TMI 559

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n the assessment for assessment year 2003-04 and also the order dated 10/11/2010 whereby the objections raised by the petitioner for reopening of the assessment have been rejected.   3. The petition is a Limited company engaged in the business of manufacture and export of castor oil and castor oil derivatives. In the assessment year in question, the petitioner had claimed deduction of Rs. 1,60,25,876/- in respect of the profits from Unit-I and Unit-II under Section 10B of the Income Tax Act, 1961 ('the Act' for short). During the course of the assessment proceedings, the assessing officer called upon the petitioner to show cause as to why the claim under Section 10B of the Act should not be disallowed. The petitioner vide letter dat....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....2% and achieved value addition 2% is far below of targeted value addition manufacturing unit no longer hold status or hundred percent Export Oriented Unit required for availing deduction u/s.10B of Income Tax Act, 1961. In view of the above, excess deduction of Rs.1,65,27,785/- u/s. 10B of the IT Act has been allowed to the assessee.   4. Now you are requested to furnish the following details for completing the assessment proceedings on the above mentioned address on or before 10th May, 2010.   (i) Details of Bank Accounts with Name & address of the Bank.   (ii) Details of Sundry Debtors and Sundry Creditors with names & addresses for the period 1-4-2002 to 31-4-2003.   (iii) Please give the reason why should....