The ITAT upheld the validity of reopening of assessment u/s 147...

The ITAT upheld the validity of reopening of assessment u/s 147 despite the existence of Section 153C pertaining to assessments following search and seizure operations. It relied on the precedent PCIT vs Naveen Gupta, which held that the non-obstante clause in Section 153C does not bar reassessment u/s 147. The ITAT found merit in the revenue's arguments that the AO had tangible material and recorded reasons for initiating reassessment proceedings, and its jurisdiction could not be challenged at this stage as per Abhishek Jain. The ITAT dismissed the assessee's contentions regarding lack of notice and overseas detention. Regarding penalty u/s 271(1)(c), the ITAT upheld the levy, citing the Supreme Court's decision in MAK Data (P) Limited, as the assessee failed to provide a reasonable explanation for concealment of income.

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