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2012 (7) TMI 66 - AT - Income TaxValidity of reopening of the assessment - CIT(A)canceled the reassessment order concluding that an issue on which reasons are not specifically recorded at the time of reopening of assessment, the said issue cannot be considered at all during the course of completing the reassessment proceedings - Held that:- As the AO issued notice u/s 148 on the ground that the assessee had purchased an immovable property for a consideration for which the stamp valuation authority had fixed different value which was accepted by the assessee without any dispute. Therefore, income has escaped assessment to tax by difference in value. However, in the reassessment order made u/s 143(3) r.w.s. 147(a), no addition was made on account of undisclosed investment in the purchase of immovable property and the disallowance of bad debts originally allowed to the assessee was stated. Thus, when the reasons on which reassessment proceedings were initiated were not found to exist the assumption of jurisdiction under Section 148 r.w.s.147 becomes invalid and consequently, the reassessment order passed in pursuance thereto also becomes invalid. CIT Versus Jet Airways (I) Ltd. [2010 (4) TMI 431 (HC)] clearly states that if after issuing a notice u/s.148 AO accepts the contention of the assessee and holds that the income which he has initially formed a reason to believe had escaped assessment, which has as a matter of fact not escaped assessment, it is not open to him independently to assess some other income. If he intends to do so, a notice u/s.148 would be necessary in any event of challenge by the assessee - decided against revenue.
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