AdvertisementLucas TVS Limited Vs ACIT (Madras High Court) The appellant, engaged in the manufacture and export of auto electrical components, filed its return of income for Assessment Year 2003–04 declaring a total income of Rs.32,95,32,630. The return was initially processed under Section 143(1) of the Income Tax Act, 1961, followed by scrutiny under Section 143(2). The Assessing Officer completed the assessment by determining the total income at Rs.33,49,43,070 and, among other adjustments, restricted the deduction claimed under Section 80HHC. The assessee challenged the assessment before the Commissi...