https://www.taxtmi.com/caselaws?id=117763 The Tribunal held that the reopening of the assessment under section 147 was invalid as the Assessing Officer failed to independently record reasons for believing income had escaped assessment. Additionally, the Tribunal ruled in favor of the assessee, allowing relief under section 80-IA. It found that the assessee had established a new industrial undertaking at new premises, manufacturing new articles, meeting the conditions for the deduction. The Tribunal emphasized the need for independent reasons in reopening assessments and interpreted section 80-IA liberally to support industrial growth. en-us Tue, 28 Dec 2004 00:00:00 +0530 Tue, 31 Jul 2012 23:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117763 The Tribunal held that the reopening of the assessment under section 147 was invalid as the Assessing Officer failed to independently record reasons for believing income had escaped assessment. Additionally, the Tribunal ruled in favor of the assessee, allowing relief under section 80-IA. It found that the assessee had established a new industrial undertaking at new premises, manufacturing new articles, meeting the conditions for the deduction. The Tribunal emphasized the need for independent reasons in reopening assessments and interpreted section 80-IA liberally to support industrial growth. Case-Laws Income Tax Tue, 28 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117763