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2022 (9) TMI 574 - ITAT MUMBAIReopening of assessment u/s 147 - Notice beyond period of four years - undisclosed investment u/s.69 - reliance on statement recorded u/s. 132 - payments in form of "on money" were made by various purchasers/buyers - Directors and promotors of the group have agreed to receive on-money from the purchasers of the flat - assessee submitted the details of flat purchased from M/s. Crescendo Associates a concern of Hiranandani Group - HELD THAT:- As reasons recorded and supplied by the Assessing Officer exactly similar and the reasons recorded are that in the case of Hiranandani Group search case, the Directors and promotors of the group have agreed to receive on-money from the purchasers of the flat. Therefore, the additions were made merely relying on the finding in the case and Assessing Officer completed the assessment without giving opportunity to the assessee for cross examination and not shared with the informations relied upon to make additions. We observe from the submissions of the parties that the case of the assessee was reopened mainly on the basis of information acquired in the case of Hiranandani group case wherein the director and promotor of the company had agreed that they have received on-money from the purchasers of the flat. In the case of assessee it is fact on record that the assessment was reopened after the expiry of four years and completed assessment u/s. 143(3) r.w.s. 153A. Considered the facts on record and facts in the said case Anil Jaggi [2018 (2) TMI 51 - ITAT MUMBAI]are exactly similar and the conclusion reached therein by the Coordinate Bench are respectfully followed and accordingly, the assessment made u/s. 147 r.w.s. 143(3) of the Act is bad in law. Following the above facts on record we allow the appeal filed by the assessee.
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