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2018 (9) TMI 1536 - AT - Income TaxReopening of assessment - nondisclosure of busniss income - Held that - Reopening of the assessment is valid for simple reason that Assessee has not disclosed the entire business of M/s G.P Infotainment in the return of income as admitted before Ld. CIT(A). Since there is a failure on the part of Assessee in showing the transactions pertaining to the advertisement business I am of the opinion that A.O has satisfied the conditions prescribed under Sec. 147 of the IT Act particularly the proviso to Sec. 147 - contentions on reopening of assessment by assessee and the grounds pertaining to this are rejected. TDS claimed not disclosed in return filed - contention that Assessee has received an amount towards advertisement and has paid the same to Zee News Ltd. - Held that - As in support Assessee has filed the Profit and Loss account in the name of the M/s G.P Infotainment supported by various ledger copies bank statements and invoices from Zee News Ltd. This information even though has been furnished before the CIT(A) the same were not subjected to verification by the A.O - entire receipt and expenditure as claimed by Assessee require proper verification by A.O. A.O is directed to examine the receipts and payments to Zee News and correlate the payments with the business activity and if so found correct allow the expenditure to the extent of the receipt as the loss if any cannot be allowed in reopened assessment as the same was not claimed.
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