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2020 (10) TMI 1156 - HC - Income TaxReopening of assessment u/s 147 - Notice issue beyond periods of four years or not - claim of deduction under Section 80IA - HELD THAT:- Tribunal, in a cryptic and cavalier manner, has found that during the course of survey u/s 133A no material was found and the reopening of the assessment is not valid in law. It is pertinent to mention here that it was admitted on behalf of the assessee in the statements recorded u/s 131 that the unit at Tumkur was an old unit and the claim of deduction under Section 80IA of the Act was not correct and the assessee itself had withdrawn the claim under Section 80IA of the Act for the Assessment Year 2001- 02. In the proceedings under Section 148 of the Act also, the assessee had filed the return stating that the return filed on 23.02.2004 should be treated as response to the notice under Section 148 of the Act and the assessee had filed revised return withdrawing the claim under Section 80IA of the Act in respect of Tribunal erred in holding that the reopening of the assessment under Section 147 of the Act was beyond 4 years and was barred by limitation. - Decided in favour of the revenue.
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