2016 (9) TMI 334

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....recorded in support of the impugned notice, which have been upheld in the order disposing of the objections of the Petitioner, are as under : (i) The Petitioner is not entitled to the benefit of Section 80IB(10) of the Act, as the notification dated 3 August 2010 issued by the Central Board of Direct Taxes (CBDT) read with the Corrigendum dated 5 January 2011 would not entitle the Petitioner to the benefit of the proviso to Section 80IB(10)(a) and (b) of the Act; (ii) There has been an under assessment of income in view of the fact that the transfer of goods and services were to related parties and for purpose of deduction under Section 80IA of the Act, it has not been taken at market value for the purposes of computing the profits an....

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....close fully and truly material facts on the part of the assessee necessary for assessment. (ii) So far as the second issue with regard to deduction under Sections 80IA of the Act is concerned, it is an agreed position between the parties that an identical issue was raised in a reopening notice issued by the Assessing Officer in the Petitioner's own case for the Assessment Year 200910. The same was challenged by the Petitioner in Writ Petition No.1055/2015 before this Court. By an order dated 2 July 2015, the above petition was admitted and interim relief was granted. No change in any material facts in the present assessment year has been brought to our notice. Consequently, the reopening notice, to the extent it relies on this ground....