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2023 (8) TMI 1345 - HC - Income TaxReopening of assessment u/s 147 - SEZ unit - exemption u/s 10AA - Source of profit derived - foreign exchange fluctuation gain - recorded reasons indicating that profits not derived from any export from its unit of Special Economic Zone - HELD THAT:- As respective parties what is noticeable is that in coming to the conclusion that the petitioner was not entitled or not eligible for exemption u/s 10AA and that the assessee had wrongly claimed the exemption, what is evident from reading the reasons and the order disposing the objections is that the author of these communications is the very same Officer who in response to a notice u/s 142 having been satisfied with the explanation given by the petitioner vide its communication passed an assessment order, accepting the explanation tendered by the petitioner in the communication. This case can be no better example of a case where an Officer at the drop of the hat has sought to change his opinion which is contrary to the decision of the Supreme Court in the case of CIT Vs. Kelvinator of India Ltd. [2010 (1) TMI 11 - SUPREME COURT] Petition is allowed.
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