The assessment was reopened for the AY. 2003-04, 2004-05 and 2005-06, solely based on the allegations made in the AY. 2006-07 that petitioner had violated the conditions specified in Section 10B(9) of the Act during assessment year 2003-04. The assessee filed, writ petitions. Allowing the petition the Court held that the ITAT by an order dated 26th June 2013 allowed the appeal of petitioner for Assessment Year 2006-2007 holding that petitioner had not violated the conditions provided in Section 10B(9) of the Act. Appeal was also upheld by Bombay High Court. Relying on the above judgement, High court quashed the reassessment notice and order disposing the objections. (WP. No. 2361 of 2010, dt. 18-2-2022)(AY. 2003-2004 to 2005-2006)
Zydus Nycomed healthcare Pvt Ltd v. ITO (Bom.)(HC)(UR)
S. 147 : Reassessment-Export oriented undertakings-Tribunal for the Assessment year 2006-07 has held that the assessee has not violated the conditions u/s. 10B((9) of the Act-The order of Tribunal was up held by the High Court-Reassessment notice and order disposing the objections were quashed. [S. 10B(9), 148, Art. 226]