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2018 (2) TMI 1092 - AT - Income TaxReopening of assessment u/s 147 - claim for deduction u/s 80IC - Held that:- No doubt the assessment was reopened by the revenue within four years from the end of the assessment year but powers conferred on the Revenue u/s 147/148 is to power to reassess and not power to review. AO in original assessment framed u/s 143(3) vide orders dated 29-11-2010 has elaborately discussed the issue of deduction u/s 80IC wherein revised return of income filed by the assessee on 25-02-2010 was duly considered by the AO while framing assessment u/s 143(3) and thus assessment order dated 29-11-2010 was passed by the AO u/s 143(3) was finalised by the AO after due application of mind . The Revenue has also allowed the claim of deduction u/s 80IC to the assessee w.r.t. Haridwar unit for AY 2007-08 after detailed deliberation and discussions in an assessment framed u/s 143(3) vide assessment orders dated 24-12-2009. The decision of Hon’ble Bombay High Court in the case of Jet Speed Audio Private Limited(2015 (2) TMI 766 - BOMBAY HIGH COURT) supports the contention of the assessee. Thus powers u/s 147/148 is to reassess and not to review the decisions of the AO as change of opinion is not permissible for reopening of the concluded otherwise there will be no end to litigation. - Decided in favour of assessee.
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