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2010 (9) TMI 350 - HC - Income TaxReassessment - Section 32A - Whether allowance under Section 32A of the Act is permissible - The AO completed the reassessment under Section 147 read with Section 143(3) of the Act on 12.03.1999 for all the assessment years under consideration whereby investment allowance claimed by the assessee for these assessment years was withdrawn on the ground that items manufactured by the assessee fell in the prohibited category mentioned at Sl. No.22 of Schedule XI of the Act – Based on the precedent judgement and the details provided by the assessee CIT (A) accepted the contention of the assessee and proceeded to examine whether there was any material in possession of the AO which constituted information justifying for reopening the assessment – the assessment was reopened because of the view taken by the CIT (Appeal) in respect of assessment year 1994-95. The very fact that this view is reversed by the Tribunal, is in itself sufficient to demonstrate that two views were possible and, therefore, it would be a case of change of opinion only - revenue's appeal dismissed.
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