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2013 (12) TMI 1170 - AT - Income TaxUnexplained investment under section 69C – Held that:- The assessee has not submitted any evidence before the CIT(A) - The CIT(A) is not justified in deleting the same – The issue was restored for fresh decision. Re-opening of assessment u/s 147 – Held that:- Original assessment was framed u/s 144/147 on 8.12.2006 is a Regular Assessment as defined in sub-section (40) of Section 2 of the Act. While framing the original Assessment, Balance-Sheet as well as Audited Accounts were available on record before the AO - While framing this assessment the AO formed an opinion in respect of project advances shown by the assessee in the Balance Sheet as liability - A concluded assessment cannot be reopened beyond a period of four years from the end of the relevant Assessment Year unless there was failure on the part of the assessee to disclose fully and truly all material facts necessary for making assessment - In this case, the assessee has disclosed complete particulars regarding project advances in the Balance Sheet - The assessee has not suppressed any material facts and there is no documents on record from which an opinion can be formed that income of the assessee has escaped assessment - Following Parixit Industries (P) Ltd V/s ACIT [2012 (4) TMI 464 - GUJARAT HIGH COURT] – In the absence of existence of "any tangible material" to come to the conclusion that there was escapement of income from assessment, the Assessing Officer exceeded his authority to reopen the assessment merely on the basis of a "change of opinion" - Decided against Revenue.
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