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2011 (7) TMI 653 - HC - Income TaxReassessment proceedings - Notice u/s 148 - claiming deduction under Section 80HHC of the Income-tax Act - business of manufacturing, assembling, processing and exporting goods to various parts of the world - concealment or wrong claim of deduction by the appellant rather it was as per law applicable on the date of filing of the Income Tax Return - Tribunal said that contention that the case has been reopened "on change of opinion" is patently erroneous and contrary to the statutory provisions because in the summary scheme, at the time of processing the return u/s 143(1) of the Act, there is no formation of opinion. Hence, the question of change of opinion, does not arise - As in the case of Supreme Court in Asstt. CIT v. Rajesh Jhaveri Stock Brokers P. Ltd.[2007 -TMI - 6563 - SUPREME Court] prima facie adjustment under Section 143(1)(a) (now deleted), is no assessment - "reason to believe" that some income has escaped assessment i.e. Assessing Officer has cause or justification - relevant material on which a reasonable person could have formed a requisite belief, whether the materials would conclusively prove the escapement is not the concern at that stage - assessee was unable to demonstrate that conclusion of the Tribunal was against law in any manner - no merit in the appeal and the same is accordingly dismissed.
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