2018 (4) TMI 194

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..... exchange gain is ₹ 2.97 Crores. Besides, by communication dated 5.10.2012, the Petitioner was asked during the regular assessment proceedings to submit necessary documents in evidence in support of deduction claim under Section 10B of the Act. The Petitioner placed reliance on Form 56G, which discloses all particulars in support of its claim under Section 10B of the Act. Thus, prima-facie, .....

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..... or the Assessment Year 2010-11. The regular assessment proceedings for the subject Assessment Year was completed on 18.3.2014 under Section 143(3) of the Act. Admittedly, the impugned notice is beyond the period of 4 years from the end of the relevant Assessment Year. Therefore, a reopening notice would only be sustainable if it meets the requirements of the first proviso to Section 147 of the .....

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..... oreign exchange gain was taken into account while determining the profits under Section 10B of the Act in respect of its Export Oriented Unit. During the regular assessment proceedings, the Petitioner was asked to submit Form 56G, i.e., claim for deduction under Section 10B duly certified by Chartered Accountant. The same was submitted and it records profits on account of foreign exchange gain is .....

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