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2015 (6) TMI 417 - AT - Income TaxReopening of assessment - non inclusion of sales consideration - Held that:- The assessee has not included the sale consideration of ₹ 26,84,940/- to one Shri Manish Jhunjhunwala vide agreement dated 02.06.2006, is never the subject matter of addition by the AO and once this is not the subject matter of addition, the reassessment proceedings initiated by issuing of notice u/s. 148 of the Act cannot survive because the very base for issuance of notice u/s. 148 of the Act goes. In view of the above decision of Hon'ble Bombay High Court in the case of CIT Vs. Jet Airways (I) Ltd. (2010 (4) TMI 431 - HIGH COURT OF BOMBAY) and in Shri Ram Singh [2008 (5) TMI 200 - RAJASTHAN HIGH COURT] no contrary decision was pointed out by ld. Sr. DR, we respectfully following the decisions quash reassessment proceedings. The issue raised by assessee under Rule 27 of the Rules is allowed and initiation of reassessment proceeding is quashed. - Decided in favour of assessee.
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