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2022 (12) TMI 579 - AT - Income TaxAddition u/s 69 - Search & Seizure action u/s 132 - information as available in the seized records - Discharge of onus - unexplained investment was opening capital of assessee - HELD THAT:- Here in this case the revenue did not controvert the contention of the assessee from the same very evidence that the opening capital is in fact the income of the current year. We have also observed that the ld. AO has made the addition u/s. 69 of the Act. On careful perusal of the provision of the act the AO can make the addition if the assessee is found to have made investments which are not recorded in the books of accounts whereas when the assessee has accepted the content making the addition u/s. 69 is also not correct as the ld. AO has not established that the investments in fact really belonged to the assessee and thus even on this aspect the ld. AO has not discharged his onus casted upon him. CIT(A) has dealt and made in detailed observation while dealing with the appeal of the assessee and we do not find any infirmity in the reasoned finding recorded by the CIT(A) and the revenue has not controverted any of the findings of the CIT(A) even though the bench has also granted proper opportunity to the revenue to place their contentions. Since, there is no refuting submission that the opening capital is in fact is income of the assessee when from the said tally data income for the current year is duly accepted. Thus, we do not find any infirmity in the finding of the CIT(A) that the opening capital reflected in the same tally data cannot be considered as income for the year under consideration. In terms of these observations, we do not find any merit in the ground no. 2 & 3 raised by the revenue and thus, the same is dismissed.
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