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2017 (6) TMI 124 - AT - Income TaxRevision u/s 263 - unexplained investments - reopening of assessment - Held that:- In the instant case, the Assessing Officer has not pointed out how the assessee failed to disclose fully and truly all material facts related to the assessment. In fact, the assessee only submitted details of investment in 8,32,500 shares in first round of reassessment proceedings. We note that in reassessment proceeding the Assessing Officer has mentioned that no information was provided by the assessee and therefore made the addition. However, in appellate proceeding before the Ld. CIT(A), a remand report was called from the Assessing Officer but in the said remand report also, no evidence as regard to the market value of the shares or any evidence of unaccounted money invested by the assessee was brought on record by the Assessing Officer. No material has been brought by the Revenue to rebut the above factual finding of the ld. CIT(A). In such circumstances, we are of considered opinion that in absence of any material to indicate that any unexplained investment has been made by the assessee in purchase of shares, no addition could have been made in the hands of the assessee. We are of the view that the finding of the Ld. CIT(A) on the issue in dispute is comprehensive and well reasoned and we are not inclined to interfere in the same Further, the Ld. CIT-A also observed that the Assessing Officer has not disposed off the objection of the assessee to the reasons recorded in accordance to the decision in GKN Driveshaft (India) Limited (2002 (11) TMI 7 - SUPREME Court ). The Revenue has not brought before us any material to contradict the factual findings of ld. CIT(A). - Decided against revenue
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