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TMI Blog2021 (4) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... year under consideration was selected for scrutiny assessment and the then Assessing Officer after considering the details and information furnished by the assessee had allowed the claim of deduction and framed the assessment under Section 143(3) of the Act vide order dated 13.03.2015. 2.3 The Assessing Officer reopened the assessment under Section 147 of the Act by issuing impugned notice dated 30.03.2019 under Section 148 of the Act. 2.4 At the request, the reasons recorded have been furnished to the assessee on 01.07.2019 & 20.08.2019, which read as under: "Reasons recorded on 01.07.2019: The assessee firm constituted on 01.01.2006 is engaged in the business of Developing and building housing Project, land organizers, building contractors and has filed return of income for the A. Y. 2012-13 on 30.09.2012 declaring total income of Rs. Nil after claiming the deduction of Rs. 19,28,66,167/- u/s 80IB(10). The ITR was processed u/s 143(1) of the Income Tax Act, 1961.The case was selected for scrutiny assessment and assessment u/s.143(3) of the income Tax Act, 1967 was completed on 13/03/2015 determining the assessed income at Rs. Nil after allowing the deduction of Rs. 19,28,66 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n certificates dated 17.11.2011 and 20.03.2012 of housing project in respect of housing project in respect of which the assessee firm has claimed deduction u/s 80IB(10) states date of application for development permission and grant of development permission on 01.10.2009 and 11.02.2010 respectively. As per the provisions u/s 80IB(10), deduction shall be allowed to an undertaking developing and building housing projects approved before 31st day of March 2008 by a local; authority. Therefore in view of the above deduction u/s 80IB(10) of the IT Act claimed of Rs. 19,28,66, 167/was required to be disallowed. The regular assessment was carried out in the case of the assessee but deduction u/s 80IB(10) of the IT Act claimed of Rs. 19,28,66,167/- was not disallowed, which was required to be disallowed. So notice u/s 133(6) of the IT Act was issued to the assessee dated 15/03/2019. Vide above notice, he was asked to furnish the relevant documents to justify the above-referred deduction of Rs. 19,28, 66,167/- u/ s 80IB(10) ) of the Act of Rs. 19,28,66,167/for A.Y. 2012-13 along with the supporting document. The assessee had furnished reply dated 18.03.2019, which is duly considered. O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... violation of settled position of law, since same reflects a mere change of opinion; (ii) Nonsatisfaction of preconditions specified in the provision read with explanation (1) to 147; (iii)lack/absence of valid sanction under Section 151 of the Act; (iv) there was no false or untrue declaration by the assessee in filing of return or during course of assessment proceedings on which reassessment is sought to be reopened; 4. We have heard Mr. Tushar Hemani, the learned Senior Counsel assisted by Ms. Vaibhavi Parikh, the learned counsel appearing for the writ applicant and Ms. Kalpana K. Raval, the learned Standing Counsel appearing for the revenue. 5. Mr. Tushar Hemani, the learned Senior counsel appearing for the writ applicant has raised the following contentions: 5.1 It was submitted that the assessee had disclosed all material facts with regard to claim of deduction under Section 80ID(10) of the Act, while filing the return of income as well as during the original assessment proceedings. Therefore, the condition precedent for invoking Section 147 is not satisfied. 5.2 It was pointed out that the impugned notice is liable to be quashed and set aside on the ground that it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reopening is after 4 years of the end of assessment year. Thus, in case of reopening after 4 years, as per the provision, two conditions are required to be fulfilled, (i) Assessing Officer must have reason to believe that the income chargeable to tax has escaped assessment, and (ii) he must have reason to believe that such escapement was occasioned by reason of failure to disclose fully and truly material facts necessary for the assessment. It is also a settled law that under Section 147 of the Act, mere a change of opinion does not confer jurisdiction on the Assessing Officer to initiate proceedings for reassessment. 12. It is undisputed fact that assessment proceedings under Section 143 of the Act were completed vide order dated 13.03.2015, wherein, the Assessing Officer had accepted the claim of deduction amounting to Rs. 19,27,66,167/-, on the basis of evidences and submission made by the assessee and allowed the claim under Section 80IB(10) of the Act. 13. We take the notice of the fact that during the previous assessment proceedings, the assessee had furnished various details and information called for by the Assessing Officer by issuing notice under Section 142(1) of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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