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 associate

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