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2016 (10) TMI 327 - HC - Income TaxReopening of assessment - Eligibility of deduction u/s 80IB(10) - Held that:- The entire claim of deduction was minutely scrutinised by the Assessing Officer before acceptance. Any attempt on his part now to reopen the issue would be based on change of opinion. In any case, there is not even an allegation that the assessee had not disclosed truly and fully all material facts. Since the impugned notice has been issued beyond four years from the end of relevant assessment year, this aspect would assume significance. In order to suggest that the assessee was not a developer but had acted only as works contractor, the Assessing Officer in the reasons recorded did not bring in facts on record. He merely referred to the explanation added below section 80IB(10) by the Finance Act, 2009 but with effect from 1.4.2001. This explanation provides that for removal of doubts it is declared that nothing contained in the said subsection would apply to any undertaking which executes the housing project as a works contract awarded by any person including the Government. In the opinion of the Assessing Officer, this explanation changed the very legal matrix for granting deduction under section 80IB( 10) of the Act. - Decided in favour of assessee.
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