9911796707
TMI Blog2013 (12) TMI 1250X X X X Extracts X X X X X X X X Extracts X X X X ..... ce dated 31.5.2012. The Assessing Officer did not commit any jurisdictional error in issuing the notices - Decided against petitioner. - Writ Tax No. - 884 of 2012, Writ Tax No. - 883 of 2012 - - - Dated:- 18-7-2012 - Hon'ble Sunil Ambwani And Hon'ble Aditya Nath Mittal,J. For the Petitioner : R. S. Agrawal, Ravi Kant For the Respondent : C. S. C., Income Tax ORDER We have heard Sri Ravi Kant, Senior Advocate, assisted by Sri R.S. Agarawal for the petitioners. Sri S.P. Kesarwani, learned Additional Chief Standing Counsel appears for the State respondents. These writ petitions are directed against the notices dated 05.03.2012 and 31.05..2002 issued by the Assistant Commissioner of Income Tax, Agra - respondent No.2 for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... backs. As per decision of the Apex Court in CIT Vs. Sterling Foods [237 ITR 379] and Cambay Electric Supply Co. Ltd Vs. CIT [(1978) 113 ITR 84], any income received from the Government under a scheme to encourage export cannot be construed as income derived from the business of the industrial undertaking. A similar view was taken by the Allahabad High Court in Mentha and Allied Products Pvt Ltd Vs. CIT [2006 (7) MTC 625 (All)]. Thus the assessee could not have claimed deductions under Section 80 IB of the Act. The note appended to the reasons refers to sanction under Section 151 for issue of notice u/s 148 from CIT/JCIT, Range-I, and requires the petitioner to file objection within 30 days. The petitioners filed preliminary objection rega ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the audit note and whether in consequence of the law which has now come to his notice, he can reasonably believe that income has escaped assessment. The basis of his belief must be the law of which he has become aware out of such notice. The opinion rendered by the audit party in regard to the law cannot for the purpose of such belief, add to, or colour the significance of such law. While dealing with Section 147 (b) of the Act, and referring 'information as to law, it was held by the Supreme Court that: - " what is contemplated is 'information' as to the law created by a formal source. It is law which, because it issues from a competent legislature or a competent judicial or quasi-judicial authority, influences the course of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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