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TMI Blog2018 (12) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act is invalid? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in holding that the reassessment is based on mere change of opinion? (iii) Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in dismissing the appeal of the Revenue without going into the merit of the case regarding admissibility of deduction under Section 80IB(10) in respect of Tans Residency Project? 3. The issue pertains to the Assessment Year 200405. The central question is of the validity of reassessment proceedings initiated by the Assessing Officer in the context of the assessee's claim of deduction under Section 80IB(10) of the Income Tax Act, 1961 ("the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts necessary for assessment. 4. During the course of reassessment proceedings, the assessee strongly opposed the ground of reassessment. The Assessing Officer did not accept such opposition upon which the assessee carried the matter in appeal. The CIT(A) allowed the appeal. He was of the opinion that during the scrutiny assessment, there was no failure on the part of the assessee to disclose truly and fully all material facts. Even on merits, he was of the opinion that there was no evidence to suggest that the development and construction of the housing project commenced prior to 01.10.1998. On such grounds, the assessee's appeal was allowed. 5. The Revenue carried the matter in further appeal before the Tribunal. The Tribunal by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n record during the original scrutiny assessment, the CIT(A) observed as under : " Thus the above facts and circumstances suggest that it was a case where all the necessary material required for the computation of income and verification of claim of deduction u/s 80IB(10) was furnished before the AO during the survey as well as asstt proceedings and the deduction was allowed in asstt order u/s 143(3) by the AO after due examination of the same at various stages from survey till completion of last assessment passed on 31/12/2010 u/s 143(3) r/w 254. In the asstt order the AO has mentioned about the joint venture agreement between the assessee and abode builders in respect of the Trans Residency project and after going through the documents s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ars the different AOs have after examining the details already on record have consistently allowed the deduction u/s 80IB(10) in respect of Trans Residency project (except for receipts from parking space)." 8. It was in this view of the CIT(A), the Tribunal has confirmed the impugned judgment observing that the assessee had made full disclosure of all relevant facts during the original scrutiny assessment. 9. As noticed by the CIT(A), all necessary facts were before the Assessing Officer while deciding the original assessment. During such assessment, the assessee's claim of deduction was also minutely examined by the Assessing Officer. Reopening of assessment beyond the period of four years was, therefore, correctly disallowed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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