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2014 (3) TMI 28 - HC - Income TaxValidity of Notice u/s 148 of the Act – Reassessment of income after four years - Claim of deduction u/s 80IB and 80JJA of the Act allowed by the AO - Held that:- The assessee specifically claimed the deduction under section 80JJA of the Act which has been allowed by the AO on due application of mind - Even with respect to claim under section 80IB of the Act, the claim was made by the petitioner - Relying upon Sri Krishna(P.) Ltd. v. ITO 1996 (7) TMI 2 - SUPREME Court] and Sowdagar Ahmed Khan v. ITO [1967 (11) TMI 10 - SUPREME Court] - assessee and the same has been dealt with and considered by the AO and thereafter, after due application of mind, the AO has allowed the said claims – thus, it cannot be said that there was any concealment and/or non-disclosure of true and correct facts by the assessee - the original assessment is sought to be reopened in exercise of powers under section 147/148 of the Act on change of opinion by the AO, which is not permissible more particularly when the original assessment is sought to be reopened after a period of four years from the end of the assessment year - the conditions stipulated under first proviso to section 147 are not satisfied – thus, the notice deserved to be set aside – Decided in favour of Assessee.
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