TMI Blog2011 (9) TMI 260X X X X Extracts X X X X X X X X Extracts X X X X ..... anted in the original assessment - assessee's export turnover was above Rs. 10 crores and the amended provisions of Section 80HHC are applicable - amendment by retrospective effect cannot make an assessment order already passed based on existing law as one prejudicial to the interest of the Revenue - assessee has not satisfied the conditions stated therein, which entitles it to reckon DEPB benefit received for the purpose of deduction under Section 80HHC of the Act - there is no scope for interference with the order of the Tribunal upholding the validity of reassessment completed under Section 147 of the Act - Held against the assessee. - ITA No. 422 of 2010 - - - Dated:- 7-9-2011 - C.N. Ramachandran Nair and P.S. Gopinathan, JJ. P. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee has filed this Appeal before us. 4. After hearing both sides, we do not find any substantial question of law arising on the validity of the reassessment completed under Section 147 of the Act which is upheld by the two appellate authorities including the Tribunal because all the authorities have followed the principles laid down by the Supreme Court in the decision in Asstt. CIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd. [2007] 291 ITR 500/161 Taxman 316. The Supreme Court after referring to the amended provisions of Section 147 clearly held that even though regular assessment was not completed under Section 143(3), the Assessing Officer is entitled to reopen and bring to tax escaped income, which includes excess relief granted in the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n DEPB benefit received for the purpose of deduction under Section 80HHC of the Act. Since deduction on export profit over the limit eligible under the Section was granted in the original assessment order, the Assessing Officer invoked Section 147 and revised the assessment withdrawing relief granted under Section 80HHC on DEPB benefits. The Hon'ble Supreme Court has in the above referred decision explained the scope of Section 147 by stating that the only condition for reopening of assessment is that the Assessing Officer should have reasonable belief that income chargeable to tax has escaped assessment. Excess relief granted is squarely covered by the scope of Section 147 and the assessee also has no case on merits that the deduction gran ..... X X X X Extracts X X X X X X X X Extracts X X X X
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