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2009 (10) TMI 122 - PUNJAB AND HARYANA HIGH COURTWhether, the action of the authorities below in reopening the assessment of the appellant and restricting the deduction under section 80-IB are legally sustainable in the eyes of law ? - The assessee made claim for deduction under section 80-IB of the Act in respect of income received by way of incentive for export. The claim was upheld by the Assessing Officer – in a subsequent assessment year the special deduction was restricted by reducing export incentives – thereupon reassessment proceeding were initiated – Facts coming to light in a subsequent assessment year could validly form the basis for initiating reassessment proceedings, in view of Explanation 2 to section 147 of the Act. – Held that assessment order of subsequent year could form basis for reassessment - action of the authorities below in reopening the assessment of the appellant and restricting the deduction under section 80-IB are legally sustainable
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