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2019 (2) TMI 786 - AT - Income TaxReopening of assessment - earlier income of the assessee was assessed u/s 153C - addition on loans received - Held that:- In the present case, it is an admitted fact that the original assessment of the assessee was framed u/s 153C of the Act after making the deep scrutiny. In the original return, the assessee furnished the particulars of the loan received from M/s Nazar Impex Pvt. Ltd. in the Tax Audit Report wherein the details of the loans or deposits received from various persons have been mentioned, so it cannot be said that the facts relating to the receipt of loan from M/s Nazar Impex Pvt. Ltd. was not available to the AO who made the assessment after making proper scrutiny. Reopening was done on this basis that a search operation u/s 132 of the Act was carried out by the Directorate of Income Tax(Investigation), Mumbai on 03.10.2013 at Rajendra Jain Group, Sanjay Choudhary Group and Dharmichand Jain Group of Mumbai, only on the basis of the above information, this case was reopened which is evident from para 5 of the aforesaid reasons recorded wherein the AO had clearly stated that the said information was in his possession and on that basis he had reasons to believe that the assessee had concealed the fact regarding the amount of ₹ 31,50,000/- received from M/s Nazar Impex Pvt. Ltd. However, the said amount was considered as genuine earlier when the assessment was framed by the AO u/s 153C of the Act. AO simply acted upon the information received from the Investigation Wing and did not apply his own mind. Therefore, the reopening u/s 147 by issuing the notice u/s 148 of the Act only on the basis of information received from the Investigation Wing was not valid. Accordingly, the reassessment framed by the AO is quashed. - Decided in favour of assessee.
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