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2015 (10) TMI 1015 - HC - Income TaxReopening of assessment - disallowance u/s. 80IB(10) - Held that:- We find that the reopening notice dated 30th March, 2010 has been issued beyond a period of four years from the end of the relevant Assessment Year i.e. A. Y. 2002-03. A primary condition to be satisfied for reopening of assessment beyond a period of four years is a failure on the part of the assessee to fully and truly disclose all material facts necessary for the Assessment. So far as the benefit under Section 80IB(10) of the Act is concerned the same was not only fully and truly disclosed but also considered in depth by the Assessing Officer while passing its original order dated 31st May, 2005 under Section 143(3) of the Act. Thus, no fault can be found with the order of the CIT(A) as well as of the Tribunal holding that: (i) the entire exercise of issuing a reopening notice and passing of reassessment Order was not justified; and (ii) on merits, the authorities have held that same stands concluded in favour of the Respondent-Assessee by the decision of this Court in Brahma Associates (2011 (2) TMI 373 - BOMBAY HIGH COURT ). - Decided in favour of assessee.
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