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2016 (6) TMI 698 - HC - Income TaxReopening of assessment - non eligibility for the deduction under section 80IB - Held that:- As gone through the assessment order where the Assessing Officer has recorded that “since all the conditions laid down in the provisions of section 80IB(10) of the Income-tax Act have been fulfilled by the assessee, it is eligible for the deduction under section 80IB at 100% of profit shown during the year i.e. ₹ 59,26,427/-.” For reopening of the assessment, notice should be issued within a period of four years from the end of the assessment. In the present case, we notice that the Assessing Officer has issued notice under section 148 of the I.T. Act on 10.8.2009 which is beyond the period of four years from the end of the assessment year. Even otherwise, no reasons are assigned by the respondent authority to claim that the earlier Assessing Officer has wrongly allowed the claim of the assessee. In that view of the matter, the petition deserves to be allowed and is allowed accordingly. Notice issued under section 148 of the Income-tax Act dated 10.8.2009 and the preliminary order dated 30.11.2010 for proceeding and completing the reassessment proceedings are hereby quashed and set aside - Decided in favour of assessee
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