Held, that the escapement of income due to claim of deduction under section 80-IB(10) of the Act of Rs. 4,47,30,649 was admittedly the subject matter of appeal and therefore, on this income reassessment was not permissible. The Revenue could initiate reassessment proceedings subject to fulfilment of the conditions mentioned in section 147/148 of the Act, i.e., so long as it is not hit by the third proviso to section 147 of the Act. The notice for reassessment was not valid. Section 147 of the Income-tax Act, 1961, deals with situations where income has escaped assessment. The section provides for a clear bar that where an income, which is subject matter of any appeal reassessment of such income is not permissible. (AY.2008-09)