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2011 (9) TMI 260 - KERALA HIGH COURTExport profit under Section 80HHC of the Act - return filed by the assessee for the assessment year 2000-2001 was accepted However Assessing Officer later noticed that the exemption claimed on export profit is not in terms of Section 80HHC of the Act as amended by Finance Act No.2 of 2005 with retrospective effect from 01/04/1998 - Decided that do not find any substantial question of law arising on the validity of the reassessment completed under Section 147 - even though regular assessment was not completed under Section 143(3), the Assessing Officer is entitled to reopen and bring to tax escaped income, which includes excess relief granted in the original assessment - assessee's export turnover was above Rs. 10 crores and the amended provisions of Section 80HHC are applicable - amendment by retrospective effect cannot make an assessment order already passed based on existing law as one prejudicial to the interest of the Revenue - assessee has not satisfied the conditions stated therein, which entitles it to reckon DEPB benefit received for the purpose of deduction under Section 80HHC of the Act - there is no scope for interference with the order of the Tribunal upholding the validity of reassessment completed under Section 147 of the Act - Held against the assessee.
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