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2010 (9) TMI 548 - AT - Income TaxDeduction u/s 80-IB - Scrutiny - The term manufacture or produce in section 80IB of the Act can be considered only when a commercially new and distinct product comes into existence after undergoing manufacturing activities - If the intension of the Legislature is to include processing also to claim exemption under section 80IB of the Act, the condition precedent for granting exemption under this section, the words manufacturing or processing would have been used instead of manufacture or produce - After purchase of the grain it is processed by various treatments which are acid treatment, pre-cleaning, grading, needle separator, laboratory testing, poison treatment and packing and labeling - Hence, the order of the CIT [A] is reversed and that of the assessing officer is restored - Decided against the assessee Regarding interest u/s 234A - The learned CIT (A) erred in holding that interest u/s 234A is leviable particularly when the assessee filed the return of income within the time allowed under section 139(1) of the I T Act Regarding reassessment - The provisions of section 147 clearly empower the assessing officer to initiate reassessment proceedings and the notice issued under section 148 was within four years from the end of the assessment year involved - Decided against the assessee
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