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2016 (10) TMI 100 - HC - Income TaxReopening of assessment - Addition u/s 68 - Held that:- Assessing Officer cannot without there being anything further on record, reopen the assessment of the same assessee for an earlier year on the same grounds. His attempt to tax income for the assessment year 2007-2008 by passing order of assessment and his action of reopening the assessment of the same assessee on the same ground for the assessment year 2006-2007, would be incongruent. It may be that the Tribunal upheld the order of the Commissioner(Appeals) on two ground. Firstly, on the ground of additions and also fleetingly on the question of correct year under which the same could be done. This would neither expand the scope of the order passed by the Commissioner(Appeals) nor convert the proceedings into one in which the higher authority could be seen to have held that the additions though justified were made in a wrong assessment year. Secondly, even on merits, the Tribunal has finally concluded against the Revenue that in facts of the case, section 68 cannot be invoked in case of the bank, a view with which we have a strong prima facie agreement. If at all, it was a transaction of depositing the amount by individual depositors, the source of such deposits being M/s. Radhe Finance. Whether such a transaction was genuine, whether the source was properly explained and the creditworthiness of the depositors was also established, are the issues which we fear may not be open for the Revenue to verify in case of the bank. In any case, this issue is not before us since the Revenue, we are informed by counsel that the appellant has not carried the judgement of the Tribunal in appeal.
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