https://www.taxtmi.com/caselaws?id=263119 The Tribunal allowed the assessee's appeals, setting aside the reassessment orders and upholding the validity of the 80-IA deduction claims under the Income Tax Act, 1961. The reassessment for certain years was deemed beyond jurisdiction due to lack of tangible material not considered in the original assessments, constituting a change of opinion. The Tribunal emphasized the necessity for both conditions of reassessment beyond four years to be met: reason to believe income escaped assessment and escapement due to the assessee's failure to disclose material facts. en-us Fri, 29 May 2015 00:00:00 +0530 Thu, 27 Aug 2015 08:29:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263119 The Tribunal allowed the assessee's appeals, setting aside the reassessment orders and upholding the validity of the 80-IA deduction claims under the Income Tax Act, 1961. The reassessment for certain years was deemed beyond jurisdiction due to lack of tangible material not considered in the original assessments, constituting a change of opinion. The Tribunal emphasized the necessity for both conditions of reassessment beyond four years to be met: reason to believe income escaped assessment and escapement due to the assessee's failure to disclose material facts. Case-Laws Income Tax Fri, 29 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263119