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2012 (8) TMI 787 - HC - Income TaxReopening of assessment - non inclusion of loss from trading goods for calculating of deduction u/s 80HHC - Held that:- As on the issue of excess deduction allowed under section 80HHC, the assessee has given his consent for making addition - Close perusal of the reasons recorded would immediately establish that, quite apart from no suggestion in the reasons regarding any attribution on the part of the assessee in fully and truly not disclosing material facts, all facts necessary for framing the assessment with respect to the said issue were very much before the AO when he previously took the return of the assessee for scrutiny assessment. - Decided in favor of assessee. Attempt, on the part of the Assessing Officer to rope in question of deemed dividend under section 2(22) needs to be noted only for rejection out of hand as in view of the settled legal position, if the reopening of assessment fails, on account of non-existence of reasons for such reopening, the Revenue cannot either sustain such reopening or bring within the assessment proceedings any other head of escaped income not mentioned in the reasons for reopening - in favour of assessee.
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