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TMI Blog2016 (9) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... may not be true for the entire claim put-forth by the assessee. Even if while giving effect to the order of the Tribunal, the Assessing Officer had attempted to restrict the claim on any reasonable ground, the situation would have stood on a different ground. However, in the present petition we are examining the validity of notice for reopening of the entire assessment on this ground that too in a case, where the notice has been issued beyond a period of four years from the end of the relevant assessment year. Despite strenuous efforts on part of the counsel for the Revenue, we are unable to see where in a situation like one on hand the condition of failure of true and full disclosure can be done away with when the Assessing Officer has re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee company are as under:- Sr. No. Particulars Amount (Rs.) 1 Interest on term deposits 14,250,127 2 Foreign exchange gain 20,597,350 3 Sundry balance written back 4,636,481 4 Miscellaneous income (discount received from various parties) 10,219,214 Total 49,703,172 As per Accounts 49,703,172 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sor research (contract research) as also falling within the ambit of sec 80IB(8A) of the IT Act, 1961. 31. It is also relevant to note that the prescribed authority after being fully conscious of the Act that the assessee is only a CRO has still though it fit to grant 80IA(8A) of the IT Act, 1961. It thus clear that on a overall reading of the relevant provisions and Rules that the deduction u/s. 80IB(8A) of the IT Act, would be allowed to a CRO. The decision of the Hon'ble Delhi ITAT in the case of Fortis Clinical Research Ltd., also supports the aforesaid view. In the aforesaid case, though the issue as to whether the CRO are also covered u/s. 80IB(8A) of the Act was not directly in issue, yet, it is an authority for the proposi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 31,32,49,090/- in respect deduction u/s. 80IB(8A) and order Giving Effect to ITAT's order was passed. While giving effect to ITAT's order the deduction of ₹ 31,32,49,090/- u/s. 80IB allowed includes interest income on fixed deposits amounting to ₹ 1,42,50,127/-. As the interest income earned on Fixed Deposits has no direct nexus with the profits derived from the undertaking, the same was not eligible deduction u/s. 80IB and hence it is a case where income chargeable to tax has escaped assessment within the meaning of sec. 147 of the IT Act. Therefore, I have reason to believe that the income chargeable to tax to the extent of ₹ 48,43,618/- has escaped assessment within the meaning of Sec. 147 of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10. In this context, we see no failure on part of the assessee to disclose any of the material facts. The claim of deduction under Section 80-IB (8A) of ₹ 31.32 crores from the outset included several heads including sum of ₹ 1.42 crores by way of interest from fixed deposits. There was, thus, full disclosure on part of the assessee. Additionally, during the original assessment itself, the Assessing Officer had noticed different limbs of this deduction and specifically called upon the assessee to give justification regarding several heads. The interest on fixed deposits came up for specific discussion. While in response to the queries raised by the Assessing Officer, the assessee had conveyed to him that the said sum of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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