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2018 (12) TMI 990 - HC - Income TaxReopening of assessment - receipt as business income - assessee had entered into a Lease Agreement with its sister concern for letting out premises for business purpose alongwith furnitures, fixtures and equipments for the compensation - Held that:- The particular claim which the Assessing Officer wants to revisit through the reassessment proceedings, is not a new one. It was started by the assessee for the first time in the Assessment Year 2000-2001 and was accepted by the Department. Without there being any other change, such issue could not have been reissued in the present assessment year, particularly when the claim was also accepted after scrutiny in the Assessment Year 2001-2002. Thus it can be seen that the reason for reopening the assessment lacks validity or in other words, the Assessing Officer did not have reason to believe that income chargeable tax had escaped assessment. - Decided in favour of assessee.
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