Reopening of Assessment u/s 147 cannot be allowed if there is any subsequent change in Law

Facts of the Case The joint venture agreement was made with an intention to carry on the project. Assessee-AOP took over the project, developed and claimed deduction u/s. 80IB(10). In the original assessment completed u/s. 143(3) for AYs. 2003-04, 2004-05 and 2005-06, AOs examined the eligibility of the assessee and allowed the claim of deduction after due verification of all agreements, documents and also field verification by the Inspector in respective assessment years. Subsequently, while completing the assessment for AY. 2006-07, the AO insisted on furnishing ‘Project Completion Cer...