TaxTMI 
TaxTMI 
2019 (4) TMI 1477
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....n support of the order of the order of the Ld.CIT(A) for the Assessment Year (A.Y.) 2009-10. 2. All the grounds of appeal are related to the deduction u/s 10AA and the reopening of assessment u/s 147 of the Act. The assessee company is engaged in the business of manufacture and export of chrome concentrate, filed its return of income for the A.Y. 2009-10 electronically on 29.09.2009 admitting total income of Rs. 38,56,890/-. Subsequently, the assessee company revised its return of income on 21.09.2010 admitting the same income as was admitted in the original return of income. The said return was processed u/s 143(1) and selected for scrutiny and the assessment was completed u/s 143(3) on 29.04.2011 on total income of Rs. 40,14,900/- . Subs....
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....ortionately to the export turnover and accordingly worked out the profit relatable to the 10AA unit at Rs. 2,07,74,719/- and the same was allowed as exemption. 3. Against the order of the AO, the assessee went on appeal before the CIT(A) and challenged the order of the AO both technically as well as on merits. The Ld.CIT(A) considered the submissions of the Ld.AR and observed that the assessment in this case was originally completed u/s 143(3) of the Act and the notice u/s 148 was issued subsequently after expiry of 4 years from the relevant assessment year. The Ld.CIT(A) found that the assessee had furnished all the details relating to the deduction u/s 10AA during the original assessment proceedings and there was no failure on the part o....
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....lied on the order of the Ld.CIT(A) and argued that no interference is required in this case. 6. We have heard both the parties and perused the material placed on record. The assessee is engaged in the manufacture and export of chrome concentrate. The assessee is operating 3 independent units viz (i) trading unit (ii) SEZ Unit (iii) manufacturing unit. Income of the VSEZ unit is entitled for exemption u/s 10AA of the Act.In this case, assessment was originally completed u/s 143(3) after verification of the complete details filed by the assessee during the assessment. In the paper book, the assessee has furnished Form No.56F, wherein the assessee has worked out the exempted income at Rs. 2,73,73,054/- which was claimed as deduction u/s 10AA ....
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....e dated 17.01.2011 that the separate books of accounts have been maintained by the assessee, it is established that the assessee had furnished the complete details and there was no failure on the part of the assessee in furnishing true and correct details before the AO. Apart from the above, it is also noticed from the original assessment order dated 29.04.2011, that the assessee has produced the books of accounts which was verified by the AO and made certain disallowances under the head administrative expenses, foreign travel on account of self made vouchers. The AO has not given any finding with regard to non maintenance of separate books of accounts for 10AA unit. During the appeal hearing, the Ld.DR could not specify the details which ....
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....(Reopening of assessment) - Assessment year 2009-10 - Assessee flied its return declaring certain taxable income - Assessing Officer completed assessment under section 143(3) - After expiry of tour years from end of relevant year, Assessing Officer sought to reopen assessment on ground that even though assessee had earned certain exempt income under section 10(34), yet no disallowance had been made under section 14A, read with rule SD - It was noted that assessee had disclosed interest expenses in profit and toss account and investment in balance sheet - Assessee had also disclosed exempt income in its return - Whether since there was no failure on part of assessee to disclose all material facts necessary for assessment, assumption of juris....