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2022 (3) TMI 642 - AT - Income TaxReopening of assessment u/s 147 - eligibility of reasons to believe - Addition u/s 68 - unexplained share capital - HELD THAT:- We find that the Assessing Officer has accepted the objections of the assessee, and has not assessed or reassessed the income, which was the basis of the notice. Therefore, in the light of the judgment of JET AIRWAYS (I) LTD. [2010 (4) TMI 431 - HIGH COURT OF BOMBAY] it would not be open to the Assessing Officer to assess income under some other issue independently. Considering all we quash the assessment order framed under section 147 read with section 143(3) of the Act. Since we have quashed the assessment order, we do not find it necessary to delve into the merits of the case.- Decided in favour of assessee.
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