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2015 (11) TMI 486 - AT - Income TaxRe-opening of the assessment - Held that:- In the case on hand, the Assessing Officer reopened the assessment in respect of the income on account of advance given by the assessee for purchase of land and an addition of ₹ 1 Crore was made by the Assessing Officer on this account while passing the re-assessment order. However the learned CIT (Appeals) deleted the said addition of ₹ 1 Crore made by the Assessing Officer which was the reason for initiation of proceedings under Section 147 of the Act and the Assessing Officer has accepted the finding of the learned CIT (Appeals) and not preferred any appeal before the Tribunal. Therefore, the Assessing Officer accepted the explanation furnished by the assessee in respect of their income. In view of the above, we hold that the additions sustained by the learned CIT (Appeals) in the impugned order i.e. (i) ₹ 2,98,176 on account of negative cash balance and (ii) ₹ 4,50,000 on account of cash deposits in the bank account would not now survive since they are made not on grounds on which the assessments were reopened. These two additions at (i) and (ii) are accordingly deleted.- Decided in favour of assessee.
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