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2021 (12) TMI 317 - HC - Income TaxReopening of assessment u/s 147 - deductions under Chapter VIA that includes Section 80IA - HELD THAT:- The order dated 27/12/2004 for AY 2001-02 on which reliance was placed by Respondent No.1 as a reason for re-opening Petitioner's assessment for AY 1997-98 has been set to nought. On this ground also, the notice dated 30/03/2004 which is impugned in this Petition has to be set aside. We have to note that the jurisdiction exercised to reopen the assessment is not valid inasmuch as before passing the original Assessment Order dated 24/01/2000 for AY 1997-98, Petitioner was called upon to give details by a notice dated 30/07/1999 like nature of business, address of all business premises, details of current assets, details of additions / reductions to fixed assets, date of purchase, etc. Petitioner provided the details by its Advocate's letters dated 29/09/1999 and 14/12/1999. After considering Petitioner's submissions, the Assessing Officer has allowed deductions under Chapter VIA that includes Section 80IA. Therefore, we cannot accept that any new tangible material has been found for re-opening the assessment.
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