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2016 (8) TMI 1090 - GUJARAT HIGH COURTReopening of assessment - Deduction under section 80P(2)(d) - Held that:- Assessee's claim of deduction under section 80P(2)(d) of the Act that the Assessing Officer passed the order of assessment in which, as noted, he allowed the entire claim of deduction under section 80P of ₹ 1.51 crores which naturally included the said figure of ₹ 69.98 lacs under section 80P(2)(d) of the Act. During the assessment thus Assessing Officer had full materials at his command to consider the relevant question namely, whether the interest income of ₹ 69.98 lacs could be allowed deduction without adjustment against the interest expenditure or not? The fact that interest was paid by the assessee on borrowed funds was very much on record as can be seen from the answer given by the petitioner to the queries raised by the Assessing Officer. In fact, in the reasons recorded also, Assessing Officer does not refer to any external material which could be the source of such income that the assessee had expended ₹ 11.22 croes by way of interest. Thus the Assessing Officer having examined the specific claim of deduction under section 80P(2)(d) of the Act, it would now not be open for him to reexamine the claim which would be based on mere change of opinion
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