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2013 (12) TMI 184 - AT - Income TaxValidity of proceedings u/s 263 The net income had been shown at Rs. 3,43,51,89,619. Against this income the company has claimed brought forward unabsorbed depreciation for the earlier years amounting to Rs.35,58,19,560 - The company has claimed deduction under section 80-IA (100 per cent.) amounting to Rs. 307,93,70,059 and the taxable income has been shown as nil - The Assessing Officer accepted the returned income of the assessee The assessment order was passed under section 143(3) dated September 3, 2007 - Held that:- No inquiry or investigation was made by the Assessing Officer while considering the eligibility of claim of deduction under section 80-IA of the Act in the hands of the assessee - The fulfilment of the various conditions laid down under section 80-IA of the Act including the provisions of sub-sections (2), (2A) and (4)(ii) of section 80-IA of the Act, were not considered and adjudicated upon by the Assessing Officer - The assessment order passed by the Assessing Officer is without making any investigation and without application of mind in granting the deduction under section 80-IA of the Act, both on the profits of the business and also on the interest income and other income earned by the assessee The order of the Assessing Officer did not show the verification of closing stock, purchases and transportation and other items mentioned above Decided against assessee.
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