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2012 (9) TMI 963 - ITAT MUMBAI
Reopening of the assessment proceedings - Error in allowing the assessee’s claim of exemption u/s 10(23C)(iiiab) - Held that:- In the instant case, as mentioned earlier, in the assessment framed u/s 143(3), the issue of 10(23C)(iiiab) had been gone into and the AO, only initiated the reassessment proceedings, because he had taken a divergent view on the allowability of exemption. Since the issue was discussed in regular assessment proceedings and the AO did not stumble upon any evidence/material, which was not placed before him, the initiation cannot be sustained - Decided in favour of assessee.