2011 (8) TMI 1113

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.... learned counsel for the petitioner-assessee and Mr. Sanjeev Sabharwal, learned counsel for the respondent-revenue. It is submitted by Mr. Vohra that the Assessing Officer has dealt with the objections preferred by the assessee on the basis of the pronouncement of the Apex Court in GKN Driveshafts (India) Ltd. v. Income-Tax Officer and Ors., [2003] 259 ITR 19 in an extremely laconic and cryptic....

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....r.Sanjeev Sabharwal does not dispute the same. The second part of the reasons reads as follows: The assessee had claimed and was allowed deduction of Rs. 2,27,57,37,009/- u/s 10A and 10B in respect of two units. However, the loss of Rs. 50,75,39,374/- of third unit was not reduced from the profit of other two units. Thus the assessee has claimed excess exemption u/s. 10B of Rs. 50,72,19,040/....

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....he assessment under Section 147 of the Act, more so after expiry of four year which requires failure to make full and true disclosure on the part of the assessee. It is the submission of Mr. Vohra that the delineation by the assessing officer is laconic in this regard, inasmuch as there were three units, but exemption/deduction was claimed in respect of two units without considering the loss....

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....without any discussion held: As for the assessee submissions that there was no failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment, the same is also rejected as not well founded. To claim deduction on the basis of incorrect computation u/s 10B of the I.T. Act, itself constitutes failure on the part of the assessee to disclose fully and tru....