TaxTMI 
TaxTMI 
2017 (8) TMI 117
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.... grounds of appeal: 1. "On the facts and in the circumstances of the case and in law, the Ld. CIT (A) erred in directing the AO not exclude in computation of deduction u/s. 10A Rs. 3,22,32,500/- being export proceeds realized in convertible foreign exchange after six months from export date without providing opportunity to the AO for verification of the details filed before him and thereby violating the provisions u/s 46A of Income Tax Rules. 2. "The appellant prays that the order of CIT (A) on the above grounds be set aside and that of the Assessing Officer be restored. 2. The Revenue in its appeal ITA No 7215/M/2011 has raised the following grounds of appeal: 1. Order bad in law and on facts (Ground No. 1.1 t....
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....pleted u/s.143(3) on 2.12.2009 on a total income of Rs. 2,46,77,410/-. From the records it is found that the proforma credits or refund of Sales Tax admitted as due by authorities amounted to Rs. 1,88,98,732/- on account of Karnataka Sales Tax collected in earlier years and not required to be deposited with Sales Tax authorities in the light of decision of Asstt. Commissioner of Commercial taxes, Bangalore dated 19.5.2005. The amount of Rs. 1,88,98,732/- was not credited in P & L A/c though the amount was required to be brought to tax. Therefore, I have reason to believe that at least an income of Rs. 1,88,98,732/- has escaped assessment. Initiate proceedings u/s. 147 and issue notice u/s. 148". 4. The assessee on receipt of rea....
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....partmental Representative (DR) for Revenue and perused the material available on record. First Ground of appeal by assessee is that order u/s 143(3) r.w.s. 147 & 144 is bad-in-law. The ld. AR of the assessee submitted that this ground of appeal is general in nature and need no specific adjudication. Considering the contention of ld. AR of assessee, this ground of appeal is dismissed being general in nature. 6. Ground No.2 relates to the validity of re-assessment order passed u/s 143(3) r.w.s. 147 of the Act. The ld. AR of the assessee argued that the assessment order for AY 2006-07 and 2007-08 were pending with the same AO. The assessment order in both the years was passed on 29.12.2010. It was argued that the assessee vide his applicati....
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....s not the subject matter of original assessment proceeding has escaped from assessment. 7. We have considered the rival contention of the parties with the help of ld. representatives and gone through the orders of authorities below. We have also perused the various documentary evidences placed on record. We have perused the reasons of re-opening. The careful reading of reasons revealed that from the record, the AO found that the Performa Credit of Refund of Sale tax due from the authorities on account of Karnataka Sale Tax collected in earlier not required to be deposited with Sale tax Authorities. In view of the decision of ACIT (Bangalore) dated 19.05.2005. The amount was credited in P&L A/c, though it was required to be brought to tax....