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2014 (1) TMI 535 - AT - Income TaxValidity of Proceedings – Notice u/s 148 - Applicability of Section 115-O to Deduction u/s 80M of the Act – Held that:- Relying upon Godrej Agrovet Ltd. v. Dy.CIT [2010 (2) TMI 27 - BOMBAY HIGH COURT] - The reassessment proceedings to the assessment u/s. 143(3), initiated after the expiry of four years from the end of the relevant assessment year - it could only be by virtue of proviso to section 147, where the income had escaped assessment by reason of failure on the part of the assessee to disclose fully and truly all the material facts necessary for the assessment for the relevant assessment year - The assessee had disclosed all the primary facts in relation to its deduction u/s 80-M - there is nothing to suggest consideration of the applicability or otherwise of section 115-O (5) of the Act in the assessment order - the assessment fails on jurisdiction in view of the non-satisfaction of the primary condition per first proviso to section 147, notwithstanding Explanation 1 - An assessment for A.Y. 2003-04, where sought to be reopened with reference to section 115-O, seeking to withdraw a deduction granted u/s 80-M was found not valid - section 115-O(5) did not restrict the allowability of a claim u/s.80-M – Following Castle Investments & Industries Ltd. v. ITO [2008 (7) TMI 598 - BOMBAY HIGH COURT] - Decided in favour of Assessee.
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