TMI Blog2013 (10) TMI 1551X X X X Extracts X X X X X X X X Extracts X X X X ..... in the business of processing Gherkins, onions and other vegetables. Assessee filed its return of income for the AY. 2008-09 on 30-09-2008 declaring its income as NIL under the normal provisions. The case of the assessee was re-opened u/s.147 on the issue of deduction u/s.10B. The Assessing Officer in his assessment order dated 30-12-2011 passed u/s.143(3) r.w.s 147 of the Act observed that though assessee is eligible for claiming deduction u/s.10B for ten AYs i.e., from AY. 2000-2001 to 2009-10, it has opted out of deduction u/s. 10B from AY. 2008-09 to claim benefit of another scheme Vishesh Krishi Gram Udyog Yojana (VKGUY). The assessee is eligible to take the benefit under the special scheme only if the assessee opts out of deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ------------------ ₹ 96,40,634/- ------------------- 2.2 It is also seen that the genuineness of the expenditure claimed in the P L Account were not verified. 2.3 Also, the Balance Sheet items and details of Annexures were not examined . The CIT vide impugned order directed the Assessing Officer to redo the assessment keeping in view the points raised in the show cause notice. The CIT further observed that the AR of the assessee has produced un-authenticated statement of accounts, without any supporting documents, bills and vouchers etc., Aggrieved against this order of the CIT, the assessee has come in appeal before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... produce Profit Loss A/c, Balance Sheet and evidence for expenditure claimed for the Profit Loss A/c was issued on 21-12-2011 and within a short span of one week, assessment order was passed by the Assessing Officer on 30-12-2011. This clearly shows that the Assessing Officer has not gone in to details of books of account. The ld. DR further submitted that the assessee had filed certain details before CIT vide letter dated 20-12-2012 which is at page No. 40 to 42 of the paper book relating to sundry creditors and debtors, details of sale of import licenses, exchange fluctuation etc. The said information was not shared by the assessee during the assessment proceedings. Therefore, the impugned order of the CIT is justified and well reasone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver to another scheme Vishish Krish Gram Upaj Yojana (VKGUY) from AY: 2008-09. Assessee is eligible for benefits under VKGUY only if it relinquishes its claim of deduction u/s.10B of the IT Act, 1961 . Therefore, the observation of the CIT that the assessee has claimed deduction u/s.10B is factually incorrect. 7. The other two reasons for review as mentioned in the show cause notice are that the genuineness of the expenditure claimed in the Profit Loss A/c were not verified by the Assessing Officer and the Balance Sheet items and details of annexure were not examined at the time of assessment. From the perusal of the impugned order, it is not clear as to how the CIT has come to the conclusion that the genuineness of the expendit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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