High Court upholds reassessment u/ss 147 and 148, addressing contested exemption u/s 10AA of Income Tax Act.

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....Validity of reopening of assessment u/s 147 r.w.s. 148 - exemption under Section 10AA of the Act allowed by the Assessing Officers in the first year, which was allowed without any further discussion and/or without applying any mind - re-opening in the subsequent year allowed - HC....