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2015 (6) TMI 804 - AT - Income TaxReopening of assessment - unaccounted cash credit - Held that:- AO while framing the original assessment, specifically, asked the assessee to furnish the details of the unsecured loans and the assessee gave the details by disclosing the name of the persons from whom loans were received and also furnished their PAN nos. alongwith the requisite details in the form of affidavit from the Directors of the lending companies, balance sheet & profit & loss A/c of those companies as well as copies of acknowledgment of Income Tax Return etc. to demonstrate the creditworthiness, bonafide and genuineness of the transactions. The assessee also disclosed the names, addresses, PAN, Ward Nos. etc. of all the persons from whom loans exceeding ₹ 20,000/- were obtained and repaid during the year, in the Annexure ‘H’ attached to the Tax Audit Report which was furnished to the AO who after making the proper inquiry and being satisfied did not make any addition in the original assessment. Therefore, the notice issued u/s 148 of the Act subsequently on the basis of information received from the Investigation Wing of the Department was on account of change of opinion and as such the reopening u/s 147 of the Act was not valid, therefore, the subsequent reassessment framed on that basis was invalid. Accordingly, we set aside the impugned order passed by the ld. CIT(A) and the original assessment framed by the AO is restored. - Decided in favour of the assessee.
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