The expression “and for any good and sufficient reason” in the proviso should be read to mean “or for any good and sufficient reason”. As a matter of statutory interpretation, it is well settled that the expression “and” can in a given context be read as “or”.
CIT v. Ram Kishan Dass. (2019) 263 Taxman 657/ 413 ITR 337/ 307 CTR 777 (SC)
Words and Phrases — “And” — “Or”.