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2018 (4) TMI 748 - HC - Income TaxReopening of assessment - deduction under Section 80M - change of opinion - Held that:- In the present facts, we find that the claim of the Petitioner for deduction under Section 80M of the Act was made in the return of income. The computation of income had a note appended on it, stating that though it is eligible for deduction under Section 80M of the Act, same was not being claimed as gross total income was nil. AO passed an Assessment Order u/s 143(3) determining a positive income of ₹ 50.26 Crores, after having granted the benefit of deduction of ₹ 1.98 Crores as claimed under Section 80M of the Act. This was after having made enquiry during the Assessment Proceedings and the Petitioner justifying its claim for deduction of ₹ 1.98 Crores to the Assessing Officer as is evident from its letter dated 24th July, 1998. Thus, this is a clear case of change of opinion and the Assessing Officer could not have any reason to believe that income chargeable to tax has escaped Assessment. - Decided in favour of assessee.
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