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2022 (2) TMI 771 - ITAT CHENNAIValidity of reassessment proceeding u/s 147 - due to audit objection i.e., RAP objection, the assessment was reopened by issuing notice u/s.148 - assessee has claimed 10A deduction for a unit which is not located in a Export Processing Zone, free Trade Zone or Special Economic Zone, hence, the assessee failed to disclose fully & truly this material fact and wrongfully claimed deduction u/s 10A which is not allowable - HELD THAT:- Original assessment was completed u/s.143(3) of the Act vide order dated 10.01.2013. The relevant assessment year involved is AY 2010-11. The notice u/s.148 of the Act was issued by the AO on 27.02.2017 after recording the reasons. The assessee before AO during the course of original assessment proceedings filed copy of Form No.56F for claim of deduction u/s.10A of the Act, filed copy of approval from STPI, computation sheet for claim of deduction u/s.10A of the Act and copies of Foreign Inward Remittance Certificate (FIRC) for all inward receipt of foreign currency for export of services to the AO AO after going through these documents and scrutinizing the same allowed the claim of deduction u/s.10A. We have gone through the reasons recorded for reopening of assessment and noted that there is no whisper about any failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment for the relevant assessment year 2010-11. Admittedly, the assessee’s case falls under the first proviso to section 147 - Once, the reopening of assessment is beyond 4 years and falls under the first proviso to section 147 of the Act, we find no infirmity in the order of CIT(A) quashing the re-assessment. Hence, the appeal of the Revenue is dismissed.
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