TMI Blog2021 (5) TMI 486X X X X Extracts X X X X X X X X Extracts X X X X ..... true disclosure of income. These conditions are not satisfied in the present case, seeing as the return of the petitioner has, admittedly, been filed within time and the disclosure of the petitioner is also not in question. In fact, the original order passed under Section 143(3) proceeds to examine the claim of exemption under Section 10AA, minutely. No error is pointed out in the returns or annexures filed by the petitioner or any of the details filed at the time of assessment and in such an instance, the proceedings for assessment, initiated beyond a period of four years, is barred by limitation. It appears that the Assessing Officer had lost sight of the issue now raised. Explanation 2(c) to Section 147 will not come to the aide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied by Form 56F, a report under Section 10A and 10AA of the Act making a full disclosure in relation to the deduction claimed under the provisions of Section 10AA in connection with its eligible unit engaged in export of IT enabled services located in MEPZ Chennai. 4. The petitioner participated in proceedings for assessment that culminated in an order of assessment passed under Section 143(3) dated 30.03.2016 wherein the claim for exemption was examined in detail, the respondent Assessing Officer, upon perusal of Form 56F proceeding to effect various adjustment to the exemptions claimed. 5. While this is so, a notice under Section 148 has come to be issued on 29.03.2019 beyond the period of four years as stipulated in Section 147 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner has, admittedly, been filed within time and the disclosure of the petitioner is also not in question. In fact, the original order passed under Section 143(3) proceeds to examine the claim of exemption under Section 10AA, minutely. 8. No error is pointed out in the returns or annexures filed by the petitioner or any of the details filed at the time of assessment and in such an instance, the proceedings for assessment, initiated beyond a period of four years, is barred by limitation. It appears that the Assessing Officer had lost sight of the issue now raised. 9. Explanation 2(c) to Section 147, relied on by the revenue, reads as follows: Where an assessment has been made but income chargeable to tax has been under assessed or s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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