2019 (1) TMI 1214

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....e Revenue to challenge the Judgment of the Income Tax Appellate Tribunal ("the Tribunal" for short) dated 21.11.2014. Following questions are presented for our consideration:- "(i) Whether on the facts and circumstances of the case and in law, the Tribunal was correct in law in quashing the proceedings initiated by the Assessing Officer under Section 147 of the Income Tax Act, 1961? (ii) Whe....

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.... respondent - assessee for the assessment year 2007-08. The respondent - assessee is 100% Export Oriented Unit ("EOU" for short). In the return filed for the relevant assessment year, the assessee had claimed deduction of profit derived from such export business in terms of Section 10B of the Income Tax Act, 1961 ("the Act" for short). A part of such claim of Rs. 4.26 Crore (rounded off) related t....

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....le from the EOU to another EOU are deemed to be exports. As per chapter 8 of the foreign trade policy. As per sec. 8.2 - Categories of supply of goods to EOU shall deemed to be exports, payment for which is received either in Indian Rupees or in Foreign Exchange. The equivalent invoice value of foreign exchange in US-S 22,04,611.75/- has been realized within due dates, as per Bank Realization Cert....