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2016 (8) TMI 221 - HC - Income TaxReopening of assessment - Claim of deduction under section 54EC not to be allowable - Held that:- The Assessing Officer has gone a step beyond. He not only accepted the claim of the assessee in the order of assessment, he gave brief reasons for the same. He recorded that he was convinced about the classification adopted by the assessee and that the respective incomes were correctly classified. There is no scope for the Revenue to argue at this stage that this issue was not examined by the Assessing Officer in such assessment and that reopening within a period of four years was permissible. When we find that the Assessing Officer has no jurisdiction to reopen the assessment, question of relegating the assessee to the gamut of submitting to the reassessment proceedings simply would not arise. This suggestion of the counsel for the Revenue is therefore turned down. - Decided in favour of assessee
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