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2021 (7) TMI 140 - AT - Income TaxReopening of assessment u/s 147 - addition on the issue of capital gain arising from the sale of shares as raised in the reasons recorded and Disallowance u/s. 14A read with Rule 8D - HELD THAT:- In the present case, the assessment was reopened, as is evident from the reasons recorded by the AO, on the issue of capital gain arisen to the assessee from sale of shares which according to the AO had escaped assessment and since no addition on account of such capital gain was made by the AO in the assessment completed u/s.143(3)/147 we find merit in the contention for the assessee that the AO had no jurisdiction to make the additions on two other issues and the additions so made are not sustainable as held by the Hon'ble Delhi High Court in the case of Ranbaxy Laboratories Ltd. [2011 (6) TMI 4 - DELHI HIGH COURT] Even the ld. DR has not been able to dispute this legal position emanating from the decision of Hon'ble Delhi High Court in the case of Ranbaxy Laboratories Ltd. (supra) as well as the other judicial pronouncements relied upon therein as discussed above. He has also not been able to bring to my notice any judicial pronouncement which is in favour of the revenue on this issue. Accordingly delete both the additions made by the AO in the assessment completed u/s.143(3)/147 of the Act and allow this appeal of the assessee.
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