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2021 (11) TMI 257 - AT - Income TaxReopening of assessment u/s 147 - addition of unexplained cash deposits in the AXIS Bank - as argued no addition remained on the issue for which assessment was reopened - difference between sale consideration taken by the assessee for computing long term capital gain vis-à-vis deemed sale consideration under section 50C of the Act calculated on the basis of amount on which stamp duty was paid - HELD THAT:- Unanimous approach of all the Hon'ble High Courts i.e. Hon'ble Bombay High Courts, Delhi High Court and jurisdictional High Court in construing the provision of section 147 is that expression "assess or reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently" has been used in section 147. The words "and also" employed in the section would contemplate that any such other issues come to the notice of the AO would be examined if an addition on the issue for which assessment has been reopened are made. In case no additions are made, then any other such issue will not be examined. In the present case, the ld. CIT(A) has deleted the addition for which assessment was reopened; meaning thereby, an addition on account of unexplained cash deposits in the AXIS Bank cannot be examined and cannot be added by the AO. Therefore, putting reliance upon the judgment of Hon'ble jurisdictional High Court in the case of Mohmed Juned Dadani [2013 (2) TMI 292 - GUJARAT HIGH COURT] we delete the addition made by the AO. Penalty u/ 271(1)(c) - We have deleted the impugned addition, and therefore, no addition exists in the hands of the assessee so as to attract vigour of penal provision under section 271(1)(c) - Assessee appeal allowed.
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