Tuesday, 26 May 2015

No reassessment by AO to withdraw sec. 80-IB relief without bringing any new materials to justify su

IT : Where Assessing Officer allowed deduction under section 80-IB(10) assessee being small scale industrial unit but sought to reopen assessment for withdrawing same on ground that total value of plant and machinery exceeded limit of Rs. 1 crore but he had not brought any new material which came to his notice, initiation of reassessment was bad in law

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