Assessee filed its return of income for relevant year declaring nil income after claiming deduction under section 80P. Assessment was sought to be reopened by Assessing Officer by issue of notice under section 148 on ground that assessee claimed deduction on interest received on FDR’s from co-operative banks and nationalized banks, which was inadmissible under section 80P  of the Act. On writ the Court held  that the Assessing Officer had rightly formed opinion that interest derived from surplus funds invested by assessee in nature of FDRs in Co-operative Banks and Nationalized Bank, other than Co-operative Societies will certainly not fall in category to be entitled to claim deductions under section 80P(2)(i) and section 80P(2)(d) and thus have escaped assessment and reasons recorded by Assessing Officer being self explanatory, clear and unambiguous, prima facie Assessing Officer had been able to establish a vital link to belief that there was escapement of income chargeable to tax. Therefore, reopening of assessment was justified. (AY.  2015-16)