Allowing the petition the Court held that in the original assessment proceedings the details are called and after enquiry the order was passed allowing the claim under section 80IA of the Act. Reassessment proceedings to withdraw the deduction on the ground that the assesee is not eligible for deduction is not a case of failure to disclose primary facts. Notice of reassessment and order disposing the objection is quashed. (AY.2008-09 to 2011-12)
Kaveri Infrastructure Pvt. Ltd. v. CIT (2023) 455 ITR 384 /335 CTR 281 /153 taxmann.com 425 (P&H)(HC)/Editorial : JCIT v. Kaveri Infrastructure (P.) Ltd. (2024) 298 Taxman 274 / 463 ITR 1 (SC)
S. 147 : Reassessment-After the expiry of four years-Detailed enquiry-No failure to disclose material facts-Change of opinion-Reassessment notice and order disposing the objection. is quashed. [S.80IA(4) 80IC, 148, Art. 226]