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2016 (11) TMI 1708 - AT - Income TaxReopening of assessment u/s 147 - addition of credit to the current account of the Assessee in the partnership firm - AO noticed that the partnership firm M/S.Salarpuria Soft Zone, of which the assessee company was a partner, had revalued its assets during the year ended with 31.3.2008 and transferred the Revaluation profit to its partners’ current account in their respective profit or loss sharing ratio - CIT-A deleted the addition by quashing reopening notice - HELD THAT:- On a careful perusal of the order of the learned CIT(Appeals), we do not find any legal infirmity or illegality in his order to interfere. Findings of the learned CIT(Appeals) are impeccable, and are in accordance with the law laid down by the Hon’ble Apex Court in Sanjeev Woolen Mills v. CIT, [2005 (11) TMI 26 - SUPREME COURT]. The ratio of decision in the case of M/s. Orchid Griha Nirman Pvt. Ltd. [2016 (11) TMI 247 - ITAT KOLKATA] is applicable to the facts of this case on all fours, inasmuch as the facts of both the cases emanate from the same transaction. We, therefore, while respectfully following the established judicial reasoning referred to above, hold that the facts of the case do not warrant any interference with the impugned order of the learned CIT(Appeals) on the aspect of proceedings under section 147 of the Act, and accordingly, uphold the same. Ground No 1 of the Revenue stands dismissed.
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