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2018 (4) TMI 1883 - HC - Income TaxValidity of reopening of assessment u/s 147 - eligibility of reasons to believe - AO received information from DIT Investigation, Varanasi that the assessee’s company has received bogus entries - assessee argued that reopening based on non-existing facts as Assessee has been able to explain that the income which was believed to have escaped assessment was explainable - whether Tribunal was justified in holding that the proceedings for reassessment under Section 148/147 were initiated by the ld. Assessing Officer on non-existing facts because ultimately the Assessee has been able to explain that the income which was believed to have escaped assessment was explainable but some other additions were made under the assessment order” ? - HELD THAT:- As tribunal being the last fact finding authority has not given any cogent reason for reversing the finding recorded by CIT(A) in para no.5.3. Solely on that ground, we set aside the order of the tribunal and remit the matter back to the tribunal. It is made clear that we are not commenting on any of the judgments relied by the assessee. The tribunal will reconsider the judgments keeping in mind, the judgment of Supreme Court, High Court as well as judgment of the tribunal itself. We are not answering the issue and the matter is remitted back as stated above. It will be open for the tribunal to decide the issue in accordance with law.
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