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2021 (8) TMI 419 - AT - Income TaxReopening of assessment u/s 147 - addition u/s 68 - insertion of Explanation 3 to Section 147 - HELD THAT:- A perusal of the assessment order shows that the two additions made by the Assessing Officer while completing assessment order were on the basis of the detailed investigations carried out by the Investigation Wing which came to the notice of the Assessing Officer during scrutiny assessment proceedings. It can be seen that the computation of assessed income is totally devoid of any addition which was the basis for the Assessing Officer to believe that income has escaped assessment i.e. ₹ 95 lakhs. This insertion of Explanation 3 to Section 147 of the Act has been examined and interpreted by the Hon'ble High Court of Bombay in the case of CIT Vs. Jet Airways [I] Ltd.[2010 (4) TMI 431 - HIGH COURT OF BOMBAY] and held that Assessing Officer has accepted the objections of the assessee, and has not assessed or reassessed the income, which was the basis of the notice. Therefore, in light of the judgment of the Hon'ble High Court of Bombay [supra] it would not be open to the Assessing Officer to assess income under some other issue independently. - Decided in favour of assessee.
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