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2010 (12) TMI 138 - HC - Income TaxDeduction u/s 80 I - Re assessment u/s 143(3)/147 of the Act - Jurisdiction - Excess deduction of Rs. 27,47,98,246/- was allowed to the assessee under Section 80-I. it was only during the course of assessment proceedings for the assessment year 1998-99, when the assessee was requested to furnish details of profit/loss of different units for each year starting from the year of commercial production that it came to the notice of the Assessing Officer that income to the extent of Rs. 27,47,98,246/- had escaped assessment and a notice under Section 148 of the Act was issued Tribunal has failed to consider the case from its proper perspective and has set aside the orders of the Assessing Officer, unstintingly approved by the Commissioner of Income Tax after detailed consideration, in a perfunctory manner, and without taking into account the fact that the assessee had by suppression of material facts (in this case the losses incurred by it) availed of an undue deduction of Rs. 27,47,98,246/- which had escaped assessment. - Order of ITAT set aside - matter remanded to tribunal
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