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2012 (8) TMI 59 - AT - Income TaxReassessment - There is no dispute to the fact that the return filed on 12-09-2001 was processed u/s. 143(1) and no order u/s.143(3) was passed as mentioned by the AO as well as the CIT(A). Therefore, there was no application of mind by the AO. We find the notice u/s.148 was issued on 03-02-2004 which is within a period of four years from the end of the relevant assessment year. Therefore, in view of the decision of the Hon’ble Supreme Court in the case of CIT Vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. (2007 (5) TMI 197 - SUPREME COURT) the re-assessment proceedings initiated by the AO is legally valid. Unexplained credit - addition u/s 68 - held that:- Once the assessee discharges the initial burden cast on him by giving the details and the other party having confirmed the outstanding balance, the assessee in our opinion cannot be held responsible for lapse or omission on the part of the other assessee. Addition u/s 41(1) - old liabilities - CIT(A) deleted the addition on account of 5 parties and sustained the addition made by the AO on account of other parties - following the decisionin the case of T.V. Sundaram Iyengar and Sons Ltd., (1996 (9) TMI 1 - SUPREME COURT), order of CIT(A) sustained - decided against the assessee.
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