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2019 (2) TMI 2061 - AT - Income TaxAddition u/s 68 - unsecured loans - CIT-A deleted the addition - HELD THAT:- In the instant case, as rightly held by the Ld. CIT(A), the assessee has filed sufficient documents to prove the genuineness of the loan transaction during the year. AO has relied exclusively on the statement of Shri Pravin Kumar Jain recorded u/s 132(4) of the Act. The AO has not brought on record any corroborative evidence to support the addition made by him. In fact, the assessment order is a narration of the statement given by Shri Jain. In view of the above facts, we uphold the order of the Ld. CIT(A). - Decided in favour of assessee. Reopening of assessment u/s 147 - assessment was processed u/s 143(1) - HELD THAT:- We find that in the instant case, the AO has linked the material to connect that the assessee has indulged in activities which give rise to reason to believe that income chargeable to tax has escaped assessment. Also the recorded reasons mention the amount which according to the AO has escaped assessment. Therefore, the decision in M/s Shodiman Investments Pvt. Ltd. [2018 (4) TMI 1287 - BOMBAY HIGH COURT] is distinguishable from the present case. As mentioned earlier, the AO reopened the assessment which was processed u/s 143(1) of the Act. In the case of ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd. 2007 (5) TMI 197 - SUPREME COURT] held that intimation u/s 143(1)(a) is not an assessment and held valid the notice issued u/s 148. In the case of Kone Elevator India P. Ltd[2011 (3) TMI 1340 - MADRAS HIGH COURT], CIT v. Ideal Garden Complex P. Ltd. [2011 (9) TMI 731 - MADRAS HIGH COURT] it is held that in the case of return of income processed u/s 143(1), the only condition to be satisfied for reopening is taxable income has escaped assessment and the assessee’s plea that no fresh material before the AO warranting reopening, is not relevant. Cross objection filed by the assessee is dismissed.
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