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2016 (7) TMI 195 - HC - Income TaxReopening of assessment - accommodation entities received - Held that:- From the recording of reasons, it cannot be stated that the reasons do not indicate the manner in which the income chargeable to tax had escaped assessment. If the standpoint of the Assessing Officer is correct and at this stage in absence of any contrary contentions and in view of the materials pointed out in the reasons recorded, we would like to proceed on such basis; unescapable conclusion would be that the assessee's income to the tune of ₹ 2.10 crores remained unassessed. According to the reasons, the receipt of a sum of ₹ 2.10 crores from two companies of SCS i.e. Acacio and Adamina was in return of the cash or other credits from the assessee given to SCS. If that be so, the sources of such funds remained unexplained. These observations, of course, are in the context of the contentions of the petitioner which are directed against the notice for re-opening of the assesment. Surely, the assessment would be framed on the basis of material that may be available on record and in accordance with law. - Decided against assessee
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