The assessee is engaged in the business of infrastructure projects and claimed deduction u/s 80IA of the Act. The claim was allowed from the AY. 2001-02 to 2007-08 however the claim was disallowed for the AY. 2008-09. The AO issued the notice to reassess the income for the AY. 2006-07. The assessee challenged the notice by filing the writ petition. Allowing the petition the Court held that the AO has not brought any tangible material having live link with the formation of belief. Accordingly the reassessment notice is quashed. (WP No. 1054 of 2011 dt. 4-12-2019) (AY. 2006-07)
Selvel Transsit Advertising P. Ltd. v. CIT ( 2020) (2020) 420 ITR 100/ 196 DTR 139 / 317 CTR 679 (Cal.)(HC)
S. 147 : Reassessment–Change of opinion-Re assessment on the basis of subsequent assessment year where in deduction u/s. 80IA was not allowed-No tangible material having live link with the formation of belief-Reassessment notice is quashed. [S. 148, Art.226]