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2013 (12) TMI 184 - ITAT CHANDIGARHValidity of proceedings u/s 263 – The net income had been shown at Rs. 3,43,51,89,619. Against this income the company has claimed brought forward unabsorbed depreciation for the earlier years amounting to Rs.35,58,19,560 - The company has claimed deduction under section 80-IA (100 per cent.) amounting to Rs. 307,93,70,059 and the taxable income has been shown as nil - The Assessing Officer accepted the returned income of the assessee – The assessment order was passed under section 143(3) dated September 3, 2007 - Held that:- No inquiry or investigation was made by the Assessing Officer while considering the eligibility of claim of deduction under section 80-IA of the Act in the hands of the assessee - The fulfilment of the various conditions laid down under section 80-IA of the Act including the provisions of sub-sections (2), (2A) and (4)(ii) of section 80-IA of the Act, were not considered and adjudicated upon by the Assessing Officer - The assessment order passed by the Assessing Officer is without making any investigation and without application of mind in granting the deduction under section 80-IA of the Act, both on the profits of the business and also on the interest income and other income earned by the assessee – The order of the Assessing Officer did not show the verification of closing stock, purchases and transportation and other items mentioned above – Decided against assessee.
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