Explanation 3 to section 147 has no application In relation to issue cropped up subsequent to original assessment on new set of facts

CIT Vs. Swarna Andhra Ijmii Integrated Township Development (P) Ltd. (Andhra Pradesh High Court At Hyderabad) Explanation 3 will be applicable in case where live issue, which was subsisting at the time of original assessment and if such issue has escaped the determination of the assessing officer, can be a ground for reopening. Any new issue that has cropped up subsequently on new set of facts, the aforesaid Explanation has no application. We think that the Explanation 3 has not really diluted cardinal object of section 147 of the Income Tax Act for reopening. The Explanation 3 has been given ...