In the course of search large volume  of documents were seized. he Assessing Officer, also received information from investigation wing that the assessee had purchased penny scrips. Based on the information and material available, Assessing Officer issued a notice under section 148, for reassessment of income after prior approval from the competent authority. The reassessment order was passed wherein additions were made under section 68  w indicating receipt of entries from shell companies.  On appeal the CIT(A) up held the order. On  further appeal the Tribunal held the Assessing Officer was required to frame the assessment/reassessment under section 153C and was precluded from proceeding under section 147. On appeal by the Revenue the Court held that  where jurisdictional conditions to initiate further steps under section 153C were not satisfied, non obstante clause as used in section 153C could not be read to completely exclude provisions of section 147 and thus, Assessing Officer could initiate reassessment proceedings under section 147 even if proceedings under section 153C could have been initiated. Order of Tribunal is set aside. As the Tribunal had not examined the other grounds the matter is restored to the Tribunal.    (AY. 2011-12)