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2012 (9) TMI 286 - ITAT, CHENNAISecond reopening attempted u/s 148 - exclusion of Duty Drawback and DEPB Licence values while computing deduction under Section 80-IB - First Reopening of assessment on deduction u/s 80HHC was given without invoking Section 80-IB(13) was pending - Held that:- Re-assessment was not initiated u/s 147(b) for a reason that the said section stood substituted by Direct Tax Laws (Amendment) Act, 1987 with effect from 1.4.89 giving wide power to the AO even to cover cases where the assessee had fully disclosed the material facts. No doubt, an exposition of law would declare the law as it stood all the time and could be a basis for rectification proceedings under Section 154 but, in our opinion, it cannot be a basis for resorting to a reopening where such reopening is done after the expiry of four years from the end of relevant previous year unless and until there is any failure on the part of the assessee in production of books of accounts or other evidence from which material evidence could with due diligence be gathered - the assessee has to succeed in this appeal.
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