Allowing the appeal the Tribunal held that issue of exemption under section 10(26BBB) had been extensively dealt with in original assessment and assessment was ultimately completed after making proportionate disallowance of claim of exemption and there was nothing to show that there was any failure in terms of first proviso to section 147, re-assessment to disallow section 10(26BBB) exemption being based on existing material was impermissible. (AY. 2009-10)
Uttarakhand Purv Sainik Kalyan Nigam Ltd. v. ITO (2021) 190 ITD 193 / 212 TTJ 498/ 203 DTR 279 (Dehradun)(Trib.)
S. 147 : Reassessment-With in four years-Ex-servicemen corporation-No failure to disclose any material facts-Reassessment proceedings for denial of exemption is held to be not justified [S. 10, 26BBB, 148)