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2022 (4) TMI 1235 - HC - Income TaxReopening of assessment u/s 147 - Deduction u/s 80IC - HELD THAT:- The deductions have been first of all explained in the documents filed alongwith the return of income. Moreover, during the assessment proceedings, a notice under Section 142(1) of the Act was issued to petitioner calling upon petitioner to furnish reasons for revising the income if the return has been revised. In its reply petitioner has given the reason for revising its income and has expressly stated that the deduction that it claimed under Section 80-IC for the two eligible units was inadvertently claimed at 30% when it was entitled to claim 100%. Petitioner had received another notice dated 8th November 2017 under Section 142(1) of the Act calling upon petitioner to justify the claim of the deduction under Section 80-IC in respect of two units wherein the claim of deduction has been revised to 100% with supporting evidences. Petitioner has provided those details. In the assessment order, Mr. Sharma submitted that, there is no specific discussion regarding the 100% deduction claimed for the two units. In our view, that would not help Mr. Sharma because it is settled law that once a query is raised during the assessment proceedings and the assessee has replied to it, it follows that the query raised was a subject of consideration of the Assessing Officer while completing the assessment. It is not necessary that an assessment order should contain reference and/or discussion to disclose its satisfaction in respect of the query raised. If the Assessing Officer has considered the objection raised in the grounds for issuing notice under Section 148 of the Act during the original assessment proceedings but has not rejected those objections, the Assessing Officer is deemed to have accepted the objection. In the assessment order dated 22nd February 2018, the Assessing Officer has discussed on the unit wise details of income and expenses claimed under various heads as 80-IC units and non 80-IC units and has also disallowed certain interest. Therefore, it is quite clear that the issue of deductions claimed by petitioner under Section 80-IC of the Act was under active consideration of the AO during the assessment proceedings. The fact that queries were raised and answers were given also indicate that there is no failure on the part of petitioner to truly and fully disclose material facts.
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