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2017 (5) TMI 349 - AT - Income TaxReopening of assessment - addition on share capital received - Held that:- Nothing was brought on record to counter the findings of the AO and CIT(A), except stating that reopening was based on ‘suspicious’ nature of information. Neither the reasons for reopening nor the statements provided to assessee in the course of assessment proceedings were placed on record. Even the copy of the objections stated to have been filed before the AO were not placed on record. In the absence of any contrary evidence, the findings of the AO and CIT(A) cannot be disturbed. - Decided against assessee Coming to the merits of addition assessee did file not only the copies of the confirmations received from the above said three companies but also the statements of banks through which the funds have been transferred/received. Not only that the copies of the assessment orders completed in those cases were also placed on record indicating that prima-facie assessee has discharged his onus. However, as submitted, the AO was not in receipt of such confirmations from the said three parties, before he completed the assessment on 19-02-2014. Ld.CIT(A) without examining the facts, confirmed the addition on legal principles. Therefore, it is of the opinion that AO should examine whether those companies have invested in assessee-company. - Decided in favour of assessee for statistical purposes.
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