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2022 (7) TMI 1207 - AT - Income TaxReopening of assessment u/s 147 - AO received information from the DGIT(Inv), Mumbai revealing hawala transactions in bogus purchases - HELD THAT:- As the learned lower authorities have not made any disallowance or addition pertaining to the sole reason of reopening. That being the case, we quote CIT vs. Jet Airways [2010 (4) TMI 431 - HIGH COURT OF BOMBAY] that such reopening is not sustainable as held that section 147(1) as it stands postulates that upon the formation of a reason to believe that income chargeable to tax has escaped assessment for any assessment year, the Assessing Officer may assess or reassess such income "and also" any other income chargeable to tax which comes to his notice subsequently during the proceedings as having escaped assessment. The words "and also" are used in a cumulative and conjunctive sense. To read these words as being in the alternative would be to rewrite the language used by Parliament. Our view has been supported by the background which led to the insertion of Explanation 3 to section 147. In that view of the matter and for the reasons that we have indicated, we do not regard the decision of the Tribunal in the present case as being in error. The question of law shall, accordingly, stand answered against the revenue and in favour of the assessee.
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