9911796707
TMI Blog2004 (7) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. Marble Men, notices issued under section 148 of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for the assessment year 1996-97 and for the assessment year 1998-99, respectively, have been challenged. In Writ Petition No. 962 of 2000 filed by M/s. Handicrafts Inn, notice under section 148 of the Act issued for the assessment year 1998-99 has been challenged. Since in all these ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 148 of the Income-tax Act seeking to withdraw the deduction granted to the petitioners under section 80HHC of the Act. We have heard Sri Manish Goel, learned counsel for the petitioner, and Sri A.N. Mahajan, learned additional standing counsel appearing in Writ Petition No. 875 of 2000 and Sri Ashok Kumar who appears in all other writ petitions. It is not in dispute that the notices under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the case of CIT v. Silver and Arts Palace [2003] 259 ITR 684, and this court has taken the view that even counter sales made against foreign exchange and which are subjected to customs clearance, are entitled for deduction under section 80HHC of the Act, there cannot be any reasonable belief upon which the Assessing Officer can form the opinion that any income has escaped assessment to tax or an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... drop the proceedings. The submission is misconceived inasmuch as when the notice under section 148 of the Act was issued by the Assessing Officer, the law laid down in the case of Ram Babu and Sons [1996] 222 ITR 606 (All) was holding the field. Till such time the said decision is not reversed or disapproved by the hon'ble Supreme Court, it cannot be said that the Assessing Officer could have for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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