TMI Blog2014 (4) TMI 852X X X X Extracts X X X X X X X X Extracts X X X X ..... sting at the time of original assessment and if such issue has escaped the determination of the AO0, can be a ground for reopening - any new issue that has cropped up subsequently on new set of facts, the Explanation has no application - the Explanation-3 has not really diluted cardinal object of Section 147 of the Income Tax Act for reopening - The Explanation-3 has been given a retrospective eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961, when the said assessment order is valid and sustainable on the facts and merits of the case? We have heard Mr. B. Narasimha Sarma, learned Counsel for the appellant, and have gone through the judgment and order of the learned Tribunal. It appears that the learned Tribunal has found that the reasons recorded for reopening the assessment has no nexus with the income ultimately assessed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se and when Explanation-3 would be applicable has been decided by various High Courts, namely, Bombay High Court in case of CIT Vs. Jet Airways (I) Ltd., (331 ITR 236); Delhi High Court in case of Ranbaxy Laboratories Ltd. Vs. CIT (336 ITR 136); Chhattisgarh High Court in case of ACIT Vs. Major Deepak Mehta (344 ITR 641) and Gujarat High Court in case of CIT Vs. Mohmed Juned Dadani. In view of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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