TaxTMI 
TaxTMI 
2011 (9) TMI 260
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....achandran Nair, J - This is an appeal filed by the assessee challenging the order of the Income Tax Appellate Tribunal upholding re-assessment completed under Section 147 of the Income Tax Act (hereinafter referred to as the Act for short) for withdrawing excess deduction granted on export profit under Section 80HHC of the Act. 2. We have heard learned counsel appearing for the assessee and ....
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....sessment and on merits. The appellate authority upheld the revised assessment and in the second appeal filed, the Tribunal also confirmed the reassessment. It is against this order, the assessee has filed this Appeal before us. 4. After hearing both sides, we do not find any substantial question of law arising on the validity of the reassessment completed under Section 147 of the Act which is u....
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....e the assessee's export turnover was above Rs. 10 crores and the amended provisions of Section 80HHC are applicable. The computation of eligible export profit for deduction under Section 80HHC in reassessment is seen made strictly in accordance with the amended provisions of the Act. Even though learned counsel for the assessee has relied on the decision of the Supreme Court in CIT v. Max India Lt....
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....s stated therein, which entitles it to reckon DEPB benefit received for the purpose of deduction under Section 80HHC of the Act. Since deduction on export profit over the limit eligible under the Section was granted in the original assessment order, the Assessing Officer invoked Section 147 and revised the assessment withdrawing relief granted under Section 80HHC on DEPB benefits. The Hon'ble Supr....