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2016 (4) TMI 531 - AT - Income TaxValidity of reopening of assessment - Held that:- The Hon’ble Bombay High Court in the case of Jet Airways(I)Ltd. (2010 (4) TMI 431 - HIGH COURT OF BOMBAY) had interpreted the provision of Section 147 on first principle and held that as per section 147, upon formulation of a reason to believe u/s 147, and following the issuance of a notice u/s 148, the AO has the power to assess or reassess the income which he has reason to believe has escaped assessment and any other income chargeable to tax. The word ‘and’ used in the section is important and results in an interpretation that it is only along with income which the AO has formed reason to believe has escaped assessments that any other income can be brought to tax. Independently any other income cannot be assessed to tax. In the absence of any addition having been made on incomes which the AO had reason to believe had escaped assessment, no addition of any other income could have been made and that the AO had exceeded his jurisdiction in passing the impugned order u/s 147. The same is liable to be quashed. - Decided in favour of assessee.
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