https://www.taxtmi.com/caselaws?id=752113 The Bombay HC set aside a reassessment notice u/s 147 issued after earlier proceedings u/s 153A/C. The assessee claimed deduction u/s 80IB(10) for a housing project, which the AO denied due to lack of commencement certificate and pre-1998 approval dates. The HC held that since the income escapement regarding s.80IB(10) deduction was already subject matter of appeal, Section 147 bars reassessment of such income. Following Supreme Court precedent in Abhisar Buildwell, the court ruled reassessment impermissible when hit by the third proviso to Section 147, deciding in favor of the assessee. en-us Fri, 26 Apr 2024 00:00:00 +0530 Fri, 03 May 2024 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752113 The Bombay HC set aside a reassessment notice u/s 147 issued after earlier proceedings u/s 153A/C. The assessee claimed deduction u/s 80IB(10) for a housing project, which the AO denied due to lack of commencement certificate and pre-1998 approval dates. The HC held that since the income escapement regarding s.80IB(10) deduction was already subject matter of appeal, Section 147 bars reassessment of such income. Following Supreme Court precedent in Abhisar Buildwell, the court ruled reassessment impermissible when hit by the third proviso to Section 147, deciding in favor of the assessee. Case-Laws Income Tax Fri, 26 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752113