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2021 (6) TMI 929 - AT - Income TaxValidity of Reopening of assessment u/s 147 - eligibility to claim exemption u/s 10(26BBB) - notice u/s 148 issued after expiry of four years from the end of the assessment year - HELD THAT:- It is apparent that action u/s 147 was solely for the purpose of enhancing the disallowance of claim of exemption u/s 10(26BBB) already made in the original assessment u/s 143(3) of the Income tax Act, 1961, which in our view, is impermissible and not in accordance with spirit of section 147 of the Act. The reasons recorded fail to satisfy the dual jurisdictional requirements as per law. We find to difficult to concur with reasoning given by the Ld. CIT (A) while upholding the validity of notice u/s 148 which is not in consonance with established legal principles as discussed above. In view of the above discussion, we are of considered view that notice u/s 148 dated 22/01/2015 is vitiated on dual count of change of opinion as well as first proviso to section 147 of the Income Tax Act, 1961 and same is hereby quashed. Resultantly, the re-assessment order passed u/s 143(3)/147 and addition made therein also gets annulled.
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