Held that the AO had accepted the assessee’s claim for deduction under s. 80IC @ 100 per cent on substantial expansion in the original assessment proceedings and he had no fresh material before him to establish that there was no suppression of any material information the part of the assessee. Deduction under s. 80-IC @ 100 per cent has been accepted by the Tribunal in the succeeding assessment year. Reassessment was bad in law. (AY.2012-13)
Valco Industries Ltd. v. ACIT (2022) 215 DTR 181 /218 TTJ 628 (Chd)(Trib)
S. 147 : Reassessment-With in four years-Assessment year 2005-06 was the initial assessment year-Substantial expansion-No suppression of material-Reassessment is held to be bad in law [S. 80IC, 143(3), 148]