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2018 (4) TMI 194 - BOMBAY HIGH COURTReopening of assessment - excessive grant of deduction u/s 10B - Held that:- Petitioner was asked to submit Form 56G, i.e., claim for deduction under Section 10B duly certified by Chartered Accountant. The same was submitted and it records profits on account of foreign exchange gain is ₹ 2.97 Crores. Besides, by communication dated 5.10.2012, the Petitioner was asked during the regular assessment proceedings to submit necessary documents in evidence in support of deduction claim under Section 10B of the Act. The Petitioner placed reliance on Form 56G, which discloses all particulars in support of its claim under Section 10B of the Act. Thus, prima-facie, there has been full disclosure of all material facts in relation to foreign exchange gain. Further, in view of the queries during regular assessment proceedings was taken into account while allowing the claim for deduction under Section 10B of the Act in respect of its Export Oriented Unit. Thus, impugned notice prima-facie appears to be without jurisdiction. - Decided in favour of assessee.
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