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2021 (5) TMI 68 - AT - Income TaxReopening of assessment u/s 147 - Addition on account of sale of investment in unquoted shares by treating the same as unexplained cash credit - As submitted that the entire amount of share capital and share premium received in A.Y. 2008-09 was added by the Assessing Officer to the total income of the assessee by treating the same as unexplained cash credit and the assessee has already settled the said controversy involved in A.Y. 2008-09 by opting Vivad Se Vishwas Scheme - HELD THAT:- Keeping in view the submissions made by the ld. Representatives of both the sides and having regard all the facts of the case, we consider it just and proper to restore this issue to the file of the Assessing officer for verifying the claim of the assessee from the relevant record. If it is found by the Assessing Officer on such verification that the amount in question represents the sale proceeds of investments which were made by the assessee out of share capital and share premium amounting to ₹ 11.04 crores, which is already treated and accepted as income of the assessee by virtue of the settlement of dispute under Vivad Se Vishwas Scheme in A.Y. 2008-09, the same cannot be treated as income of the assessee again for the year under consideration as the same would amount to double addition. Appeal of the assessee is treated as partly allowed for statistical purposes.
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