Assumption of jurisdiction under section 147 of IT Act

RELEVANT EXTRACTS: 7. In the aforestated background now we may advert to the factual position in the instant case. In this case, after the processing of return under section 143(1) the Assessing Officer recorded reasons on 8-2-2006 to initiated proceedings under section 147/148 as under: ” the assessee filed return of income for the above noted assessment year declaring total income at Rs. Nil after claiming deduction under section 80-IA amounting to Rs. 51,73,798/-. The assessee firm derives income from manufacturing of emergency lights. The NP shown is against total turnover of Rs. 2,9...