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2017 (11) TMI 1285 - AT - Income TaxReopening of assessment - income chargeable to tax which has come to notice subsequently in the course of proceedings - Held that:- We find that the issue is squarely covered in the given facts of the case by the 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) on the proposition of that the AO could not assess the income chargeable to tax which has come to his notice subsequently, in the course of proceedings under section 147 of the Act, even though the same was not the basis for reopening under section 147 of the Act. As in the present case before us, the AO reopened the assessment on the issue of excess claim of depreciation and export earning received was not offered to tax but subsequently no addition was made on these two accounts and the additions were made on account of short term capital gain and disallowance of expenses for non-deduction of TDS by invoking the provisions of section 40(a)(ia) of the Act. It means that the issue is squarely covered by the decision of Hon’ble Bombay High court in the case of Jet Airways (I) Ltd. (supra) and this being a jurisdictional high court decision, respectfully, following the same, we quash the reassessment proceedings and allow the appeal of the assessee.
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