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2018 (3) TMI 670 - HC - Income TaxReopening of assessment - Benefit u/s 80(IB) (10) denied - non independent application of mind by AO - Held that:- The foundation of reasons in support of the impugned notice is the audit observations which in turn rely upon the valuer's report. We find that the valuer's report itself indicates that if overhead terraces on the ninth floor and on the first floor, if included then the area of some of the flats would be in excess of 1,500 square feet each. Prima facie, the reasons recorded in support of the notice shows that the Assessing Officer has not applied his mind independently to the valuer's report and has merely relied upon the interpretation of law by the audit. This is not permissible as the reasonable belief is to be of the Assessing Officer and not a borrowed satisfaction particularly on interpretation of law. More particularly the audit objections are contrary to AO's own findings in the order for the subsequent Assessment Year 2011-12, which has not yet been disturbed. Therefore, prima facie the impugned notice dated 28 March 2017, is without jurisdiction. - interim relief is granted.
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