9911796707
TMI Blog2022 (7) TMI 1540X X X X Extracts X X X X X X X X Extracts X X X X ..... so exemption on receipts relating to EMA - HELD THAT:- Tribunal after elaborately considering the factual position found that the identical issue was adjudicated and decided in the assessment proceedings u/s 143(3) of the Act and the reopening was wholly without jurisdiction. There is no perversity in the order passed by the tribunal for us to interfere. Decided against revenue. - THE HON BLE JU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax Act, 1961 (the Act for brevity) is directed against the order dated 20th January, 2016 passed by the Income Tax Appellate Tribunal, Kolkata, A Bench, Kolkata in ITA No.530/Kol/2012 for the assessment years 2003-04, ITA No./531/Kol/2012 for the assessment year 2004-05. The revenue has raised the following substantial questions of law for consideration: i) Whether on the facts and in the ci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im an exemption thereof? We have heard Mr. Prithu Dudheria, learned standing counsel for the appellant/revenue and Mr. Avra Majumdar, learned Advocate for the respondent/assessee. On perusal of the order passed by the tribunal we find that the tribunal rightly held that the reopening proceedings are wholly illegal and without jurisdiction. The tribunal noted the facts of the case and recorded the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... art of the assessee to disclose fully and truly all material facts necessary for its assessment for the relevant assessment year. * * * * * * * * * We find that the entire issue has been deliberated upon in first round by the AO, by CIT(A) and even by Tribunal on both the issues and exemption u/s. 10B of the Act and also exemption on receipts relating to EMA. Accordingly, we find that this issue i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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