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2021 (7) TMI 84 - AT - Income TaxReopening of assessment u/s 147 - notice after 4 years from the end of relevant assessment year - excess claim of 10A deduction - assessee credit in the P & L account an amount as excess provision of earlier years written back which was not reduced in the computation of income resulting in excess claim of 10A deduction on the enhanced profit - HELD THAT:- In the present case, there was regular original assessment that was completed u/s. 143(3) r.w.s. 144C on 24.1.2012. During the course of original assessment proceedings, deduction u/s. 10A was considered by the AO and granted accordingly. In the reasons recorded, there was no allegation by the AO that there was any failure on the part of assessee to disclose truly and correctly all material facts necessary for assessment. Without any such allegation, the AO in the present case recorded the reason for reopening the assessment. Thus, we are of the opinion that assessment was reopened merely on a change of opinion without any fresh material or any allegation by the AO that assessee failed to disclose truly and correctly all material facts for the purpose of assessment. Thus we hold that the reassessment is bad in law and quash the same. - Decided in favour of assessee.
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