https://www.taxtmi.com/caselaws?id=260883 Reassessment under sections 147 and 148 could not be sustained where the original assessment had been completed after survey and detailed verification, and the reopening was based on an audit objection without fresh tangible material; a mere change of opinion was insufficient. The housing project deduction under section 80-IB(10) had to be tested project-wise, and the Indian Ocean project independently satisfied the statutory conditions, including local authority approval, post-1 October 1998 commencement, timely completion, proper one-acre plot calculation, and residential unit size limits. The adverse computation based on hillock area and incorrect flat-area treatment was rejected, and the deduction was upheld. en-us Fri, 15 May 2015 00:00:00 +0530 Fri, 26 Jun 2015 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260883 Reassessment under sections 147 and 148 could not be sustained where the original assessment had been completed after survey and detailed verification, and the reopening was based on an audit objection without fresh tangible material; a mere change of opinion was insufficient. The housing project deduction under section 80-IB(10) had to be tested project-wise, and the Indian Ocean project independently satisfied the statutory conditions, including local authority approval, post-1 October 1998 commencement, timely completion, proper one-acre plot calculation, and residential unit size limits. The adverse computation based on hillock area and incorrect flat-area treatment was rejected, and the deduction was upheld. Case-Laws Income Tax Fri, 15 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260883