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2013 (8) TMI 554 - ITAT AHMEDABADProceedings u/s 147 - Assessee claimed deduction u/s 80IB - A.O. disallowed deduction and started proceeding u/s 147 - CIT annulled reassessment - Held that:- reopening of assessment has been done in this case on the basis of retrospective amendment to Section 80IB(10) of the Act. In the reasons recorded for re-opening of the assessment, there was no mention that there was failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment at the time of original assessment. There is also no dispute about the fact that re-opening has been done after four years from the end of the relevant assessment year. As per first proviso to section 147 for the purpose of initiating proceedings u/s 147 after the expiry of four years from the end of relevant assessment year, the income chargeable to tax should have escaped assessment by reason of failure on the part of the assessee either (i) to make a return u/s 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or (ii) to disclose fully and truly all material facts necessary for his assessment - Following decision of Sadbhav Engineering Ltd. Versus Deputy Commissioner of Income-tax [2010 (7) TMI 521 - Gujarat High Court] and Aayojan Developers Versus Income-tax Officer [2011 (2) TMI 738 - Gujarat High Court] - Decided against Revenue.
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