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2020 (4) TMI 545 - AT - Income TaxUnexplained investment - HELD THAT:- Despite the opportunities given by the AO and the Ld. CIT(Appeals) to the assessee and also before us, the assessee failed to bring any evidence showing the sources of investment made by the assessee in purchasing properties. As the assessee failed to explain the investment made by him and sources thereof more particularly from coaching classes, home tuitions and agricultural activities, no interference is required in the findings given by the Ld. CIT(Appeals) and the same is thereby upheld. Thus, ground No.1 raised in appeal by the assessee is dismissed. Reopening of assessment - assessee is against not passing a separate order to the objections taken by the assessee against the initiation of re-assessment - HELD THAT:- notice u/s.148 was issued on 15-03-2016 which was served on 16-03-2016. No reply was filed in response to notice u/s.148. It is not coming either from the assessment order or from any other material that assessee raised any objection to the initiation of re-assessment proceedings, which could have warranted the passing of a separate order by the AO before espousing the assessment on merits. It is further pertinent to note on a perusal of the grounds taken before the ld. CIT(A) that no such issue was taken up. The ld. AR has not invited our attention towards any material divulging the raising of objections before the AO against the initiation of re assessment proceedings. In such circumstances, there could have been no occasion for the AO to pass a separate order disposing the objections to the re-assessment. We, therefore, dismiss this ground of appeal. Addition being 15% of various expenses as the assessee failed to produce the supporting details like bills, vouchers etc. - HELD THAT:- Once the basic amount is added back as unexplained investment then the disallowance @15% made by the Assessing Officer and confirmed by the Ld. CIT(Appeals) is at higher side and therefore, we restrict the disallowance @5%. Thus, the assessee gets the relief patially. We order accordingly. Thus, ground raised in appeal by the assessee is partly allowed.
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