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2013 (9) TMI 484 - AT - Income TaxReassessment u/s 147 - Assessment of any other income other than income on which assessment was reopened - Held that:- while completing the assessments for the previous years u/s 143(3) read with section 147 of the Act, the Assessing Officer has not disturbed the exemption claimed u/s 10B of the Act which was allowed in the original assessment - Assessing Officer disallowed the claim of set off of unabsorbed depreciation relating to assessment years 1995-96 and 1996-97 against the business income declared for the aforesaid assessment years. Thus, it is very much clear in the reassessment proceedings the Assessing Officer has made assessment of income other than the income which was subject matter for reopening as per the reasons recorded while initiating proceedings u/s 147 of the Act - reasons recorded for reopening the assessment has no nexus with the income ultimately assessed u/s 147 of the Act. The Assessing Officer without assessing the escaped income as per the reasons recorded has considered some other income which was never the subject matter of reopening as per the reasons recorded - Following decision of M/s Swarnadhara IJMII Integrated Township Development Company Versus DCIT, Hyderabad [2013 (6) TMI 624 - ITAT HYDERABAD] - Decided against Revenue. Assessing Officer is empowered to assess any other escaped income which comes to his notice in course of the reassessment proceedings along with escaped income which was the subject matter of reopening as per the reasons recorded therein. Without assessing the income as per the reasons recorded, the Assessing Officer cannot assess any other income which was not the subject matter of reopening. Therefore, in the facts of the present case, the Assessing Officer could not have independently assessed such other income without assessing the income which escaped assessment as per the reasons recorded and on the basis of which the proceedings u/s 147 were initiated.
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