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2015 (3) TMI 1141 - AT - Income TaxReopening of assessment - assessment has been framed u/s.158BA - Addition on unaccounted investments - Held that:- It is an admitted fact that action u/s.132 of the I.T. Act was carried out simultaneously in the case of the Pat Sanstha as well as that of the assessee. No evidence whatsoever was found during the course of search in case of the assessee that he has made such fictitious fixed deposits. No investigation whatsoever was carried out by the AO to find out as to who are the real beneficiaries. Nothing has been brought on record to show that the money has come back to the assessee. Although the Ld.CIT(A) has directed the AO to tax the same in the hands of the concerned persons, we find the Ld.CIT(A) has not given any specific direction to tax the same in the hands of the assessee Mr. Radhe Shyam B. Agrawal. It is also an admitted fact that the Patsanstha as well as the revenue have challenged the order of the CIT(A) before the Tribunal and the Tribunal vide order dated 31-12- 2012 has allowed the appeal of the assessee and dismissed the appeal of the revenue. We therefore find merit in the argument of the Ld. Counsel for the assessee that the AO could not have issued notice u/s.147 of the I.T. Act before the order attained finality. Also find merit in the submission of the Ld. Counsel for the assessee that once an assessment has been framed u/s.158BA of the Act in relation to undisclosed income for the Block Period as a result of search, there is no question of the AO issuing notice u/s.148 of the I.T. Act for re-opening of such assessment as the said concept is repugnant to the special scheme of assessment of undisclosed income for the Block Period. - Decided in favour of assessee
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