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2013 (9) TMI 78 - AT - Income TaxReassessment of proceedings - whether the reasons recorded by the Assessing Officer justify the reopening of the assessments of the two years - Deduction u/s 80HHC and 10B claimed - Held that:- For both assessment years, the Assessing Officer has felt that there was escapement of income, inter alia, in the computation of exemption under section 10B and the deduction under section 80HHC. For both years, the Assessing Officer has taken the view that the provisions of section 14A shall have effect on the interest expenditure claimed by the assessee vis-a-vis the exempted income. It is an admitted fact that the return of income filed by the assessee for both years were only processed under section 143(1) of the Act earlier, i.e., no regular assessments were carried out earlier. It is also a fact that the Assessing Officer did not accept the workings made by the assessee in respect of the claim of exemption made under section 10B and the deduction claimed under section 80HHC in the earlier years. Under these factual circumstances, it is reasonable for the Assessing Officer to presume that the workings made to claim exemption under section 10B and deduction under section 80HHC in the two years under consideration would result in escapement of income. - reopening of the assessment is valid - Decided against assessee. Exemption u/s 10B - 100% EOU - Held that:- the relevant details, viz., whether the sale proceeds were received by way of foreign exchange or not, whether the assessee has received the drawback benefits, etc., are not available on record. In the absence of such details - factual details require verification at the end of the Assessing Officer. - matter remanded back.
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