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2021 (10) TMI 418 - AT - Income TaxReopening of assessment u/s 147 - reassessment proceedings were initiated on the basis of the explanation inserted to section 80 IA (4) - HELD THAT:- Admittedly, the reasons recorded for initiating the reassessment proceedings are not available on record. In this regard, the learned DR was also directed to produce the reasons recorded and for this purpose he was provided enough time at the time of hearing after treating the matter as part heard. However, the learned DR failed to provide the reasons recorded by the AO for initiating the reassessment proceedings. The reopening of the reassessment under section 147 of the Act was challenged by the assessee on the reasoning that explanation inserted to section 80IA(4) of the Act with retrospective effect. Likewise, the objections were disposed of based on the explanation inserted under section 80IA (4) for of the year under consideration. As the proceedings were also initiated under section 147 of the Act in the own case of the assessee for the assessment years 2005-06 and 2006-07 vide notice dated 15th March 2010 under section 148 of the Act. In the present case the notice under section 148 was also issued on the same date i.e. 15th March 2010. In the assessment year 2005-06 and 2006-07 the reassessment proceedings were held to be invalid. Therefore, the issue on technical ground was decided in favour of the assessee. The facts of the present case seems to be similar to the assessment year 2005-06 and 2006-07 as the notice under section 148 was issued on the same date. Accordingly, we can draw an inference that the proceedings were initiated merely on the change of opinion. Thus proceedings in the year under consideration were initiated on account of the insertion of explanation to section 80 IA(4) of the Act which is nothing but change of opinion - Decided in favour of assessee,
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