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TMI Blog2011 (3) TMI 559X X X X Extracts X X X X X X X X Extracts X X X X ..... 04 and also the order dated 10/11/2010 whereby the objections raised by the petitioner for reopening of the assessment have been rejected. 3. The petition is a Limited company engaged in the business of manufacture and export of castor oil and castor oil derivatives. In the assessment year in question, the petitioner had claimed deduction of Rs. 1,60,25,876/- in respect of the profits from Unit-I and Unit-II under Section 10B of the Income Tax Act, 1961 ('the Act' for short). During the course of the assessment proceedings, the assessing officer called upon the petitioner to show cause as to why the claim under Section 10B of the Act should not be disallowed. The petitioner vide letter dated 27/2/2006 gave reasons for eligibility to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f targeted value addition manufacturing unit no longer hold status or hundred percent Export Oriented Unit required for availing deduction u/s.10B of Income Tax Act, 1961. In view of the above, excess deduction of Rs.1,65,27,785/- u/s. 10B of the IT Act has been allowed to the assessee. 4. Now you are requested to furnish the following details for completing the assessment proceedings on the above mentioned address on or before 10th May, 2010. (i) Details of Bank Accounts with Name & address of the Bank. (ii) Details of Sundry Debtors and Sundry Creditors with names & addresses for the period 1-4-2002 to 31-4-2003. (iii) Please give the reason why should not deduction claimed u/s.10B of the I.T. Act of Rs.1,6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o has imposed the condition regarding value addition. 7. As per the proviso to Section 147 of the Act, the assessment can be reopened beyond four years from the end of the relevant assessment year, only if there is failure on the part of the assessee to disclose fully and truly all material facts. In the present case, the assessment is sought to be reopened beyond the period of four years and there is no material on record to suggest that there was failure on the part of the assessee to disclose fully and truly all material facts. In this view of the matter, the notice impugned in the petition for reopening of the assessment cannot be sustained. 8. Accordingly, the notice dated 29/2/2010 issued under Section 148 of the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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