Law:

Section:

Section 80HHC, read with section 147, of the Income-tax Act, 1961 - Deduction - Exporters (Reassessment) - Assessment years 2002-03 to 2004-05 - Assessee-company claimed benefit of deduction under section 80HHC on 'service income' in duly supported Form No. 10CCAC - Detailed working computation of deduction had also been given - It was within knowledge of Assessing Officer - Assessment was complete - Reassessment proceeding was initiated after expiry of 4 years from end of relevant assessment year to disallow deduction under section 80HHC on ground that same was not admissible on service income - Notice under section 148 was issued on basis of a subsequent judgment of Apex Court rendered in CIT v. K. Ravindranathan Nair [2007] 295 ITR 228/165 Taxman 282 (SC) - Whether reason for reopening, being merely a change of opinion on account of subsequent judgment of Apex Court would not give Assessing Officer jurisdiction to reopen because by doing so he would, be reviewing his earlier decision; such action is not permissible - Whether since all facts had been disclosed and Income-tax Officer had applied his mind earlier on said issue, assumption of jurisdiction for reopening assessment was not justified; it was a mere change of opinion - Held, yes [Para 11] [In favour of assessee] FACTS â–  The assessee-company had filed its return declaring income of Rs. 24.49 crores after taking benefit of deduction of Rs. 1.11 crore under section 80HHC. The said deduction pertaining to service income of Rs. 52.86 crores was claimed in support of which Form No. 10CCAC requisite was filed along with the return of income and detailed working computation of deduction had been given along with the Auditor's Report. The claim of benefit was reduced to Rs. 1.02 crore after excluding the excise duty and the sales tax from the turnover and that point was within the knowledge of the Assessing Officer that the assessee had received the said service income and the claim of deduction was related to such service income and the income was then assessed at a sum of Rs. 24.86 crores. â–  The Assessing Officer initiate re-assessment and notice under section 148 was issued, admittedly,…

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