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2017 (11) TMI 1130 - AT - Income TaxReopening of assessment - Deduction under section 10B disallowed - the assessee is not involved in the business of export and import of article or things but was merely doing a job work to the person for sending the gold to the assessee from Dubai which the assessee is exporting back after doing job work - Held that:- The hon'ble jurisdictional High Court in the case of Mahavir Spinning Mills Ltd. v. CIT [2004 (5) TMI 38 - PUNJAB AND HARYANA High Court] opined that no allegation that the escapement of income had occurred by reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment. Absence of this finding makes the action of the Assessing Officer wholly without jurisdiction. In the instant case there has been no change in the business activity of the assessee right from the inception of the company and the deduction under section 10B has been continuously claimed examined and allowed by the Department. In the instant case after going through the reasons recorded by the Assessing Officer it cannot be said that there has been any no new material that necessitate neither reopening nor any new fact should have been brought to the notice. The Assessing Officer has arrived at his satisfaction from the material available on record namely the export of gold to Dubai and the job work done by the assessee to two concerned persons present at Dubai. - Decided in favour of assessee.
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