Case Law Details
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 Certificate’. Since assessee could not furnish the same, AO took the view that assessee was not eligible for deduction u/s. 80IB(10). Consequently, the assessments completed in earlier years were re-opened u/s. 147 mainly on the reason that assessee has failed to furnish the ‘Project Completion Certificate’.
Question of Law
Whether the re-opening of Assessment were justified u/s 147 only on the ground that there was a subsequent amendment in Law?
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