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2013 (1) TMI 366 - HC - Income TaxValidity of notice u/s 148 - Reopening of assessment u/s 147 – Escaped assessment – Change of opinion - Assessee was engaged in the business of development and construction of real estate – Reason of belief - Deduction u/s 80-IB(10) was wrongly claimed - Held that:- The assessee disclosed the factum of housing project, the construction of shops and the profit derived therefrom. These were the primary facts sufficient for the A.O. to proceed in its assessment process. He had undertaken such process and applied the facts to the provisions of law by applying his mind. An error, a slip, an omission or a mistake on part of the assessing officer in that regard would not furnish a ground to reopen. For, the reopening proceedings are not rectification proceedings. Nor the concluded assessment can be reviewed under the garb. Conditions of section 147 of the Act and in particular the First proviso thereto, which is applicable in the present case, having not been complied with on facts, the reopening of the assessment was not permissible. The assumption of jurisdiction by the respondent-Income Tax Officer seeking to reopen the assessment for the A.Y. 2005-2006 was, therefore, beyond his powers and, was illegal. As a result, the impugned notice dated 18.03.2011 under section 148 issued by the respondent is hereby set aside. In favour of assessee
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