Reassessment was valid as Section 147 And 153C could be applied interchangeably

ITO Vs Anil Ghanshyam Kumawat (ITAT Surat) Conclusion: Reassessment under section 147 was valid on reopening of already closed assessment and both Sections 147 and 153C could be used interchangeably based on the situation. Held: In the instant case, assessee’s case was reopened on the basis of information received by AO that Investigation Wing Mumbai had carried out a search action of Shri Bhanwarlal Jain Group and his associates wherein incriminating materials were found which conclusively proved that Bhanwarlal Jain and his associates were dummy concern, were engaged in providing accom...