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2017 (2) TMI 38 - AT - Income TaxReopening of assessment - addition being profit on sale of flats - Held that:- No addition was made by AO in respect of income from Colaba flat which was the basis of formation of belief that income had escaped assessment as per the reasons recorded for reopening the assessment. In view of the decision of Jet Airways (2010 (4) TMI 431 - HIGH COURT OF BOMBAY ) which was followed by the CIT(A), we do not find any infirmity in his order for quashing the reopening and deleting the addition made on account of income in respect of Radhakrishna Niwas, in so far as CIT(A) has clearly mentioned in his order that AO is free to issue fresh notice u/s. 148 if satisfied about any escaped income from Radhakrishna Niwas subject to applicable provisions of IT. Act, 1961. - Decided in favour of assessee
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