https://www.taxtmi.com/caselaws?id=406276 The Tribunal held that the reopening of assessment under section 148 of the Income Tax Act was unjustified as it was based on existing information, amounting to a mere difference of opinion. Consequently, the notice issued under section 148 was quashed, and the assessment under section 147 read with section 143(3) was annulled, allowing the appeal. The Tribunal emphasized compliance with deduction conditions and the AO's previous acceptance, ultimately setting aside the disallowance of deduction under section 80IB(11C) of the Act. en-us Wed, 07 Apr 2021 00:00:00 +0530 Sat, 10 Apr 2021 09:03:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406276 The Tribunal held that the reopening of assessment under section 148 of the Income Tax Act was unjustified as it was based on existing information, amounting to a mere difference of opinion. Consequently, the notice issued under section 148 was quashed, and the assessment under section 147 read with section 143(3) was annulled, allowing the appeal. The Tribunal emphasized compliance with deduction conditions and the AO's previous acceptance, ultimately setting aside the disallowance of deduction under section 80IB(11C) of the Act. Case-Laws Income Tax Wed, 07 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406276