2013 (1) TMI 65

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... on the facts and circumstances of the case, and in law, the Tribunal is justified in quashing the order passed under Section 263 of the Income Tax Act, 1961?     b) Whether on the facts and circumstances of the case, and in law, the Tribunal was justified in holding that the assessment made by the Assessing Officer was not erroneous and prejudicial to the interest of the revenue, in so far as, expenditure incurred in foreign exchange on travel, professional fees and other matters were not considered for exclusion from export turnover for the purpose of computing exemption u/s. 10A of the IT Act, even though, such exclusion is specifically provided in the said section itself?     c) Whether on the facts a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....10A of the Act was restricted to only Rs.1.42 crores as against Rs.1.43 crores claimed in the return of income. 4. In exercise of its powers under Section 263 of the Act, the Commissioner of Income Tax by a notice dated 06.03.2009 called upon respondent assessee to show cause why the Assessment Order dated 28.12.2006 should not be set aside/modified as foreign exchange expenses relating to travel, professional fees and other matters should have been excluded from the export turnover. Thereafter by order dated 30.03.2009, the Commissioner of Income Tax held that Assessment order dated 28.12.2006 was erroneous and prejudicial to the interest of the revenue. In as much as, according to him, expenses incurred in foreign exchange were not inq....