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2013 (2) TMI 238 - HC - Income TaxReopening of assessment - capital subsidy was outstanding in respect of the business and if this is taken into account the income is likely to increase by the same while computing the gains on account of slump sale - ITAT quashed reassessment order - Held that:-As decided in Shriram Singh's case (2008 (5) TMI 200 - RAJASTHAN HIGH COURT) & CIT v. Jet Airways [2010 (4) TMI 431 - HIGH COURT OF BOMBAY] that unless the AO assesses the income with reference to which he had formed a reason to believe within the meaning of Section 147 it would not be open to him reassess or assess any other income chargeable to tax which has escaped assessment and comes to his notice in reassessment proceedings. In this case, admittedly the ground on which reassessment notice u/s 148 was issued was dropped while passing the reassessment order dated 27.03.2006 under Section 143(3) read with Section 147. Thus no occasion to entertain the proposed question of law - in favour of assessee.
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