ELEGANZA JEWELLERY LTD. Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Rule, returnable forthwith. By consent of the parties, the petition is taken up for final disposal. By this petition under article 226 of the Constitution of India the petitioner assails the notice issued under section 148 of the Income-tax Act, 1961 ("the Act") dated March 25, 2013. By the impugned notice dated March 25, 2013, the Deputy Commissioner of Income-tax (Assessing Officer) seeks to reopen the petitioner's assessment for the assessment year 2008-09.

(2.) The petitioner is established as a 100 percent export oriented unit (EOU) in the special economic zone (SEZ) at Andheri (W), Mumbai, engaged in the business of manufacture and export of gold and diamonds jewellery. The petitioner is entitled to a deduction under section 10AA of the Act in respect of its income.

(3.) On September 29, 2008, the petitioner filed its return of income for the assessment year 2008-09 declaring income of Rs. 34.75 lakhs. Thereafter, on May 18, 2010, the Assessing Officer passed an assessment order under section 143(3) of the Act assessing the petitioner's income at Rs. 39.35 lakhs. This was after granting benefit of deduction under section 10AA of the Act to the extent of Rs. 28.74 crores in respect of its income under the head "Profits and gains of business or profession".