2013 (2) TMI 238

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....wakar Respondents Rep by: Mr Salil Kapoor & Mr Jitendra Singh JUDGEMENT Per: Court: In this appeal by the revenue for the assessment year 19992000, the following question of law has been raised for our consideration.     Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in quashing the reassessment order made by the Assess....

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....n respect of the business and if this is taken into account the income is likely to increase by the same while computing the gains on account of slump sale.     c) Consequent to the above reopening of assessment, the Assessing Officer by an order dated 27.03.2006 under Section 143(3) readwith Section 147 of the Act determined the income of the respondentassessee at Rs.31.26 lacs.....

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....s order dated 28.10.2009 set aside the reassessment on the ground that the basis for which the assessment was reopened namely receipt of subsidy of Rs.40 lacs not been adjusted, was dropped during the reassessment proceeding as no addition on that account was made. The Tribunal following the decision of the Rajasthan High Court in the matter of Shreeram Singh, reported in 306 CTR page 343 held tha....