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2017 (3) TMI 1264 - ALLAHABAD HIGH COURTReopening of assessment - apllying provisions of Section 55-A and 142-A-(i) - Held that:- Reassessment proceedings initiated against the assessee upon information of undisclosed investment in immovable property relying on the report of the Income Tax Inspector and the report of the District Valuation Officer is valid in view of the distinguishing features of this case that admittedly investments were made in such property and further nature of investment made is from undisclosed income, the assessee having not filed its returns of income for the years in which such investment was made. The Tribunal was not in error in so far as it has upheld the initiation of re-assessment proceedings. Accordingly, question nos. 'A' and 'B' raised in the memo of appeal are decided against the assessee and in favour of the revenue. Unexplained investment in the building - Held that:- We find essentially the issue raised in question no. 'C' is a question of fact on which the Tribunal has recorded its finding after due appraisal of the evidence and material existing on record. In view of the above, the finding of the Tribunal sustaining the part of ₹ 6,76,441/- does not suffer from any infirmity. The question is answered accordingly. Addition in part claimed as deduction made by the wife of assessee - Held that:- Tribunal has recorded its finding upholding disallowance of certain cash credit entries in the books of account of the assessee, the Tribunal has considered the material and evidence at length and has thereafter sustained part disallowance. While the identity of the creditors may have been established by the assessee, the other essential ingredients of their credit worthiness and genuineness of the transaction were not found established by the Tribunal. These findings of fact are again based on appraisal of evidence. Again, we do not find any infirmity in these finding of fact recorded by the Tribunal. Question no. 'D' is also answered accordingly.
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