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2015 (9) TMI 1299 - AT - Income TaxAddition u/s 68 - unexplained cash credit and unaccounted cash paid for obtaining accommodation entries - CIT(A) deleted the addition - Held that:- The assessee has filed some additional evidences before the Ld. CIT(A) which has been verified by the AO and the Ld. CIT(A) on the basis of the additional evidence, after giving full opportunity to the AO has deleted the addition in dispute. Ld. CIT(A) has taken the Remand Report from the AO and also examined all particulars/ details of the share application form, copies of PAN cards, income tax returns, bank particulars and bank statements, the complete address of the share applicants and deleted the addition in dispute. Ld. CIT(A) has also cited various decision rendered by the Hon’ble Jurisdictional High Court as well as the Hon’ble Supreme Court of India which includes CIT vs. Lovely Exports Pvt. Ltd. [2008 (1) TMI 575 - SUPREME COURT OF INDIA]; CIT vs. Divine Leasing & Finance Ltd. (2006 (11) TMI 121 - DELHI HIGH COURT) and CIT vs. Value Capital Services Ltd. (2008 (4) TMI 263 - DELHI HIGH COURT ) - CIT(A) has rightly deleted the addition - Decided in favour of assessee. Validity of reassessment proceedings u/s. 147 - Held that:- On the issue of validity of reassessment proceedings u/s. 147 of the Income Tax Act, 1961, we are of the view that on the specific information the case of the assessee has been reopened. We are of the view that the material in possession of the AO is a fresh material which has been examined by the AO, came to be valid reasonable believe that the income of the assessee has escaped assessment. After conducting the detailed investigation to prove that the income has escaped assessment in the hands of the assessee, the reassessment proceedings have been initiated by the AO. Therefore, in our considered opinion, there was existence of correct information which prompted to the AO to proceed to issue notice u/s. 148 of the I.T. Act and hence, this reassessment proceedings could not be declared as null and void.- Decided in favour of assessee.
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