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2015 (7) TMI 206 - AT - Income TaxReopening of assessment - validity of the notices issued under Section 148 challenged - whether the Assessing Officer can invoke the provisions of section 150(1) of the Act to assume jurisdiction under Section 147 of the Act? - unexplained investment - Held that:- CIT (Appeals) has given a clear finding that the unexplained investment in the residential property fall in three years relevant to Assessment Years 2003-04 to 2005-06. The learned CIT (Appeals) has also rendered a finding that the addition to be made on account of unexplained investment in the said property may be divided among the three assessment years and had also held that the relevant portion of the unexplained investment i.e. ₹ 12,15,417 is taxable in Assessment Year 2005-06. In view of the above, we agree with the learned CIT (Appeals) that the facts of the assessee's case are distinguishable from the decisions cited by the assessee; that the learned CIT (Appeals) had rendered a clear ‘finding’ in the matter and that, therefore, in the facts and circumstances of the case on hand, the Assessing Officer has correctly assumed jurisdiction under Section 147 of the Act by invoking the provisions of section 150(1) of the Act. - Decided against assessee. As regards the additions made by the Assessing Officer towards unexplained investment of ₹ 1,15,710 for Assessment Year 2003-04 and of ₹ 5,13,517 for Assessment Year 2004-05, it is seen that the Assessing Officer has considered all the evidences produced by the assessee and allowed relief wherever the evidences produced and explanations put forth were found acceptable and has made additions only in respect of those amounts for which no evidence was produced. In the absence of any evidence to controvert the findings of the authorities below, the aforesaid additions made on account of unaccounted investments in the construction of the aforesaid residential building needs to be upheld. In view of the above factual matrix of the case, we concur with the learned CIT (Appeals) in upholding the additions made by the Assessing Officer in this regard. - Decided against assessee. Interest under Sections 234A, 234B and 234C is consequential and mandatory and the Assessing Officer has no discretion in the matter. This proposition has been upheld by the Hon'ble Apex Court in the case of Anjum H Ghaswala (2001 (10) TMI 4 - SUPREME Court) and we, therefore, uphold the action of the Assessing Officer in charging the said interest. - Decided against assessee.
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