https://www.taxtmi.com/caselaws?id=214122 The court ruled in favor of the assessee, quashing the notices under section 148 and the reassessment proceedings initiated under section 147. It emphasized that reopening assessments based on a change of opinion is impermissible under the law, citing precedents to establish that such actions violate the principle of finality in assessments. The court highlighted the stringent requirements for reopening assessments, stating that exceptional circumstances like income escapement justify reassessment. The decision allows for future assessments on the issue of entitlement to claim deductions under section 80-IB, leaving the merits of the alleged entitlement open for consideration in accordance with the law. en-us Wed, 30 Jun 2010 00:00:00 +0530 Mon, 18 Jun 2012 19:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214122 The court ruled in favor of the assessee, quashing the notices under section 148 and the reassessment proceedings initiated under section 147. It emphasized that reopening assessments based on a change of opinion is impermissible under the law, citing precedents to establish that such actions violate the principle of finality in assessments. The court highlighted the stringent requirements for reopening assessments, stating that exceptional circumstances like income escapement justify reassessment. The decision allows for future assessments on the issue of entitlement to claim deductions under section 80-IB, leaving the merits of the alleged entitlement open for consideration in accordance with the law. Case-Laws Income Tax Wed, 30 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214122