2012 (7) TMI 207

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....NCOME TAX   J U D G M E N T   Ramachandran Nair, J. Heard Shri.Arun Raj, learned counsel for the appellant and also learned Standing Counsel appearing for the respondents.   2. Return filed was processed by the Assessing Officer under Section 143(1)(a) of the Income Tax Act (hereinafter referred to as the Act for short), which resulted in reduction in the claim of export profit.....

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....nder Section 143(1)(a) of the Act. Consequent upon the reduction in the export profit demand went up leading to levy of interest under Sections 234B & 234C of the Act. Common revision was filed challenging part disallowance of deduction of export profit and levy of interest before the Commissioner, who dismissed the revision. Appellant's claim before the lower authorities and before the learned Si....