The assessment was completed after raising issuing specific issue  of allowability of claim u/s 80I of the Act. Notice u/s 148 of the Act was issued on 21-8 2001. The Assessing Officer rejected the objections. The assessee filed writ petition.  Allowing the  petition of the Court held that the fact that petitioner has been allowed a deduction under Section 33AC of the Act in respect of income from dividends, long term capital gains and interest cannot be the   ground for initiating proceedings under Section 148 of the Act and the exercise to reopen a validly framed assessment is merely on the basis of change of opinion by succeeding Assessing Officer and such a mere change of opinion cannot justify the exercise of jurisdiction under Section 148 of the Act. The notice and  order rejecting the objection was quashed.  (WP No. 2428 of 2001, 25-11-21) (AY. 1992-1993)

The Great Eastern Shipping Company Ltd v. ACIT (Bom.)(HC)(UR)