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2013 (4) TMI 258 - AT - Income TaxRe-opening of assessment u/s 147 - Held that:- The original return of income filed by the assessee was processed u/s 143(1)(a). In view of the amendment brought in by the Taxation laws (Amendment) Act, 2005, the assessing officer had reason to believe that the income has escaped the assessment. In this factual situation, no infirmity in the decision of CIT(A) in upholding the validity of reopening. The view taken by the CIT(A) gets support from the decision of Asst. CIT Vs. Rajesh Jhaveri Stock Brokers P Ltd (2007 (5) TMI 197 - SUPREME COURT) wherein held that failure to take steps under section 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings even when intimation under section 143(1) Denial of deduction u/s 80HHC on import entitlements of DEPB receipts - retrospective amendments questioned - Held that:- The issue relating to the taxability of DEPB benefits and the applicability of the 3rd and 4th proviso to sec. 80HHC(3) during the years under consideration need to be examined afresh. Accordingly restore the same to the file of the Assessing Officer with the direction to examine the issue afresh in the light of the decisions rendered in the case of AVANI EXPORTS & OTHERS [2012 (7) TMI 190 - GUJARAT HIGH COURT] wherein held that impugned amendment exists only to be given effect from the date of amendment and not in respect of earlier assessment years of the assesses whose export turnover is above Rs. 10 Crore. In other words, the retrospective amendment should not be detrimental to any of the assessees Also see Vikas Kalra Vs. CIT [2012 (2) TMI 99 - SUPREME COURT OF INDIA]and Topman Exports [2012 (2) TMI 100 - SUPREME COURT OF INDIA] and decide the same in accordance with law after affording necessary opportunity of being heard to the assessee .
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