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2016 (1) TMI 1405 - AT - Income TaxReopening of assessment - income chargeable to tax has escaped assessment within the meaning of section 147 - addition on such other income found during the course of assessment proceedings - HELD THAT:- Assessing Officer has not made any addition with regard to the job work receipts alleged to have not been disclosed by the assessee. Therefore, in view of the case of Ranbaxy Laboratories Ltd. vs. CIT [2011 (6) TMI 4 - DELHI HIGH COURT] and CIT vs. Jet Airways (I) Ltd. [2010 (4) TMI 431 - HIGH COURT OF BOMBAY] we are of the view that expression "and also" employed in section 147 of the Act has denuded the Assessing Officer to make any addition on any such other income found during the course of assessment proceedings unless addition is being made on an issue for which assessment is reopened. We allow the Cross Objections and quash the reassessment orders. Addition u/s 68 - unexplained cash credit - loans from friends - HELD THAT:- Assessee has shown loans from friends and relatives and names of all these ten persons have been shown in the balance sheet. The credit balance against their names is identical as noticed by the Assessing Officer in para 11 of the assessment order. Thus these are the loans brought forward from earlier years. Addition u/s 68 can be made of the amount(s) which are noticed by the AO as credit balance in the account in the year in which they were introduced. These amounts have not been introduced for the first time in this year. Therefore, the nature and source cannot be enquired in this year. For this reason we allow this ground and delete the addition - Decided in favour of assessee
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