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2015 (1) TMI 1440 - ITAT DELHIReopening of assessment u/s 147 - unexplained share purchases - HELD THAT:- Earlier also for the same assessment year AO framed the assessment u/s 143(3)/147 of the Act vide assessment order dated 16.12.2005. The said assessment was framed after proper verification and scrutiny and no new material was brought on record to justify the action for issuing the notice u/s 148 again on 27.03.2009. AO issued the notice only on the basis of information received from the DIT(Investigation), however, he did not consider this vital fact that the amount mentioned by him in the reasons recorded for reopening, in fact was the closing debit balance in the account of M/s R. K. Investments and was pertaining to the preceding assessment year 2001-02 and not the year under consideration - It is not clear as to how and in what manner the debit balance in the name of M/s R. K. Investments was treated as the escaped income of the assessee particularly when the amount was paid for purchasing the shares so it was not an entry provided by M/s R. K. Investments if it had been so then the amount was to be shown as credit in the name of M/s R. K. Investments and not the debit. Reasons recorded by the AO for reopening the assessment u/s 148 of the Act was not valid. We, therefore, considering the totality of the facts of the present case and by keeping in view the ratio laid down by the Hon’ble Jurisdictional High Court in the case of M/s Signature Hotels Pvt. Ltd. Vs ITO [2011 (7) TMI 361 - DELHI HIGH COURT] set aside the impugned order by holding that the reopening u/s 147 of the Act by issuing the notice u/s 148 was not valid - Decided in favour of assessee.
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