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2012 (10) TMI 573 - HC - Income TaxReopening of assessment - deduction claimed u/s 80HH and 80I before first setting off the unabsorbed losses of the earlier years - Held that:- There was no denial of the fact that the assessee had disclosed the details as regards the carry forward of the losses as well as the income computed and all these details were very much there before the Assessing Officer & that there is no denial of the fact that there was no failure on the part of the assessee in disclosing the facts necessary for assessment and that there is no such allegation that the escapement of income was on account of the failure of the assessee in not disclosing fully and truly all material facts. In the circumstances, applying the Supreme Court decision in CIT, Delhi Versus M/s. Kelvinator of India Limited [2010 (1) TMI 11 - SUPREME COURT OF INDIA] AO has no power to review and has the power to re-assess. But re-assessment has to be based on fulfillment of certain pre-condition and if the concept of "change of opinion" is removed then in the garb of re-opening the assessment, review would take place - to reopen an assessment tangible material should be there & reasons must have a live link with the formation of the belief - no hesitation in accepting the plea of the assessee that the assumption of the jurisdiction beyond four years is hit by limitation as provided under Section 147 proviso - in favour of assessee.
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