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2023 (8) TMI 632 - AT - Income TaxValidity of reopening of assessment - addition of unexplained share capital and unexplained bank deposits - assessee has challenged the assumption of jurisdiction and contended that the assessment order is contrary to Section 147 to 151 and the same is beyond jurisdiction and without complying the mandatory conditions of Section 147 to 151 - As per assessee since the Assessment was originally completed u/s 143(3)/153C was annulled, hence, assessment u/s 147 could not have been done by the A.O. - HELD THAT:- The Hon’ble Supreme court in the recent Judgment in the case of Abhisar buildwell Pvt. Ltd. [2023 (4) TMI 1056 - SUPREME COURT] while holding that, in respect of completed/unabated assessments, no addition can be made by the AO in the absence of any incriminating material found during the course of search u/s 132 or requisition u/s 132A however, observed that the completed/unabated assessments can be re-opened by the AO in exercise of powers u/s 147/148 of the Act, subject to fulfilment of the conditions as envisaged/mentioned under sections 147/148 of the Act and those powers are saved. Once the AO rightly or wrongly assumed jurisdiction in framing the assessment order u/s 143(3) r.w.s. 147 of the Act, in view of the fact that once the assessment order is subject matter of the further appeal, reassessment cannot be framed on the same issue on issuing notice u/s 148 as the original assessment gets merged with the order of the Higher Appellate Authority. Ratio laid down in the case of Krishna Developers & Co. [2017 (8) TMI 241 - GUJARAT HIGH COURT] and Abhisar Buildwell P.Ltd [2023 (4) TMI 1056 - SUPREME COURT] which are having effect of binding precedent, therefore by relying on the ration laid on in the case of Krishna Developers & Co. and Principal Commissioner Vs. Abhisar Buildwell P. Ltd (Supra), we find no merits in the Ground No. 1 to 4 of the C.O.
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