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2012 (8) TMI 275 - KARNATAKA HIGH COURTReopening of assessment u/s 148 - addition u/s 68 for unexplained cash credit - Held that:- Re-opening of the assessment proceedings of the firm was because of the submission offered by one of its partner Rishabchand Bhansali, who claimed that an amount found in his books of accounts which was in turn advanced to some other person, was drawn by this partner from the account of the firm, is by none other than the partner of the very firm and it is in the wake of such a stand taken by the partner, there was an occasion for investigating the transactions of the firm, who had claimed the amount as its amount and which was the very version of the assessee and its partner. Issue of notice has been proceeded by a follow up action taken by the AO subsequent to the search of the premises of one of the partners and ultimately AO was of the opinion that a firm, which had the capacity to lend an amount of Rs.71,50,000/- that too, to one of its partners or others is reasonably presumed to have the taxable income and if the assessee had never disclosed its expenditure or otherwise earlier & if the officer records that he has reason to believe that assessee had taxable income and a non-filing of the return, is not merely suspicion and therefore in bringing to tax such amount by re-opening - no exercise by appellate jurisdiction under Section 260-A is warranted to hold that the very reopening cannot be sustained - against assessee.
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