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of <h1>Tribunal overturns assessment for 1999-2000 due to lack of jurisdiction.</h1> <h3>M/s. Indagro Foods Ltd. Versus Asst. Commr. of Income-tax, Range-2 (2)</h3> M/s. Indagro Foods Ltd. Versus Asst. Commr. of Income-tax, Range-2 (2) - TMI Issues involved: Re-assessment proceedings based on unsustainable reasons u/s. 148.Summary:The appeal pertains to re-assessment proceedings initiated by the AO for the assessment year 1999-2000. The first ground of appeal challenges the re-assessment based on reasons that were later found to be unsustainable by the AO. The reasons included incorrect calculation of deduction u/s. 80HHC and lack of proof for donations paid. The AO completed the assessment without making any disallowances based on these reasons, indicating no income escapement. The appellant argued that if the reasons for re-opening assessment did not lead to income escapement, the AO cannot assess any other income discovered during re-assessment. Citing the judgment in CIT vs. Jet Airways (I) Ltd., the Tribunal held that since the issues for re-opening assessment did not result in income escapement, the AO had no jurisdiction to assess any other income. Consequently, the Tribunal allowed the appeal, setting aside the assessment order.
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