2013 (12) TMI 61

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... proceedings without appreciation that the assessee had computed the export turnover for the purpose of Deduction u/s. 1OA in complete contravention of the provisions of the said Section, resulting in escapement of income". 2. "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in quashing the proceedings u/s. 147 of the Act, without appreciating that the assessee had wrongly claimed and had been allowed excessive deduction u/s. 1OA of the Act in the original assessment on account of failure to exclude the prescribed expenses from the export turnover in terms of Explanation 2(iv) of section 1OA of the Act". 3. 'On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in holding....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pinion as the assessee has fully and truly disclosed all the material facts in the return of income and the same had been considered while framing the assessment order u/s. 143(3) of the Act. It was further pointed out that the reassessment proceedings have been initiated after the expiry of four years from the end of the relevant assessment year and the assessee has not failed to disclose any material information and facts, based on which the assessment attained finality by the order passed u/s. 143(3) of the Act. 5. The assessee's submissions were not accepted by the AO. The AO was of the firm belief that in the original assessment, the AO has accepted assessee's claim of deduction u/s. 10A. Subsequently, it was noticed that in respect....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ied upon by the assessee and considered by the AO in the reassessment proceedings, the Ld. CIT(A) finally concluded that in the instant case there are no reasons on the basis of which prima facie it can be said that income has escaped assessment. The Ld. CIT(A) was also convinced that reopening is based on the facts which were already on record. Therefore, it cannot be said that the assessee has failed to disclose fully and truly all material facts. The Ld. CIT(A) quashed the impugned notice u/s. 148 and the assessment order u/s. 147 was cancelled. 7. Aggrieved by the order of the Ld. CIT(A), Revenue is before us. 8. The Ld. Departmental Representative strongly supported the findings of the AO. It is the say of the Ld. DR that since i....