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2010 (6) TMI 56 - HC - Income TaxReassessment reopening of a completed assessment income escaping assessment - On 23 March 2009 a notice under Section 148 was issued to the Petitioner proposing to reopen the assessment. Reasons have been disclosed in support of the notice for reopening the assessment on 23 October 2009. - In the notes appended to the computation the Petitioner disclosed that a claim for relief under Section 80IA/IB has been made in respect of the newly established industrial undertakings commissioned from financial year 1992-93 to the financial year 2001-02. During the year 1999-2000 a major expansion took place of the Vizag refinery by which the capacity of the refinery was expanded. The Petitioner claimed that the profits made by the expanded unit were eligible for deduction for seven consecutive years under Section 80IB (a). Held that: - the reason that the issue was not considered by the Assessing Officer when the order of assessment was passed is not sufficient to reopen the assessment - The assessee clearly disclosed the basis on which it was claiming a deduction under Section 80IB in respect of the VREPII project. The attention of the Assessing Officer was specifically drawn to the basis of the claim. an assessment can not be reopened on the ground that Assessee did not disclosed the facts The facts show that there was a due application of mind by the Assessing Officer upon a full and true disclosure being made by the assessee of the relevant facts. Notice issued u/s 147 set aside.
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