TMI Blog2013 (2) TMI 238X X X X Extracts X X X X X X X X Extracts X X X X ..... h's case (2008 (5) TMI 200 - RAJASTHAN HIGH COURT) & CIT v. Jet Airways [2010 (4) TMI 431 - HIGH COURT OF BOMBAY] that unless the AO assesses the income with reference to which he had formed a reason to believe within the meaning of Section 147 it would not be open to him reassess or assess any other income chargeable to tax which has escaped assessment and comes to his notice in reassessment proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s justified in quashing the reassessment order made by the Assessing Officer by holding that the initiation of reassessment proceedings within a period of four years was bad in law? 2. Brief Facts: a) The respondent-assessee is engaged in the business of manufacture of food products. For the assessment year 19992000, the respondentassessee had filed return of income claiming a net loss of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Rs.31.26 lacs. However, while passing the above order on reassessment the ground on which the assessment was reopened namely that the subsidy of Rs.40 lacs claimed by the assessee had not been adjusted resulting in income escaping adjustment had been dropped i.e. not confirmed. However, the reassessment order dated 27.03.2006, added certain other income to the respondentassessee's declared loss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion is made on account of the reason recorded for reopening the assessment, then jurisdiction of the Assessing Officer to reopen an assessment comes to an end. 3. We note that the aforesaid view of the Rejasthan High Court in the matter of Shriram Singh (Supra) followed by the Tribunal in the impugned order is also a view taken by this court in the matter of CIT v. Jet Airways reported in 331 IT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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