Dismissing the appeal of the revenue the Court held that , AO has consciously considered the claim for deduction u/s 80IC in the regular assessment proceedings .Accordingly reassessment is held to be not valid. ( AY. 2007 -08)
PCIT v. Century Textiles & Industries Ltd ( 2018)167 DTR 105 / 99 Taxmann.com 205/ 259 Taxman 361 ( 2019) 412 ITR 228 (Bom) (HC) Editorial: SLP of revenue is dismissed, PCIT v. Century Textiles & Industries Ltd ( 2018) 408 ITR 59 (St)/ 259 Taxman 360 ( SC)
S. 147 : Reassessment – Change of opinion- Income from other sources -AO has consciously considered the claim for deduction u/s 80IC in the regular assessment proceedings – Accordingly reassessment is held to be not valid .[ S.80IC, 148 ]