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2021 (1) TMI 7 - AT - Income TaxReopening of assessment - approval in respect of reasons - addition u/s 68 - HELD THAT:- The approval in respect of reasons given by the Assessing Officer for reopening are just and proper and as per the provisions of the Income Tax Act, 1961. As the case laws referred by the Ld. AR are distinguishable as in those case laws, the reasons and the competent authority has not given an approval as per the provisions of Section 147/148. Therefore, the legal issue raised by the assessee does not stand and is dismissed. Addition u/s 68 - AR submitted that there is an additional evidence which was obtained after assessment proceedings and appellate proceedings before CIT(A) was over. Therefore, it will be appropriate to look into the additional evidence. While going through the additional evidence, we noticed that these are the primary evidences which will show the creditworthiness of the source of source which was asked by the Assessing Officer as well as CIT(A). Therefore, we are admitting additional evidence and remanding back the entire issue to the file of the Assessing Officer for verifying this additional evidence and after going through the said evidence, arrive at a proper conclusion as to whether the addition in respect of Section 68 is sustainable or not Appeal of the assessee is partly allowed for statistical purpose.
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