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2009 (11) TMI 31 - HC - Income TaxReopening of an assessment basis adjudication order passed by the Collector of Customs alleged that he was the only person investing in his business which was not disclosed to the Department of Income Tax. On this basis notice under Section 148 of the Act was issued for the assessment year 1993-94 stating that appellant had invested in purchasing of goods which had escaped assessment held that - The finding recorded by the Commissioner of Customs and upheld by the CEGAT amply depicts that it was the appellant who had imported the aforesaid material and undervalued the same to the extent of Rs.10,79,995/-. This would clearly mean that assessee made an unexplained investment of the aforesaid amount namely the appellant had invested this money in importing the goods which were unexplained. Therefore, addition under Section 69 of the Act could validly be made.
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