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2015 (4) TMI 397 - ITAT MUMBAIReopening of the assessment - beyond 4 years but within 6 years after the original assessment under section 143(3) was completed - additions made on account of interest on the Non Performing Assets under the provisions contained in section 43D read with Rule 6EB - Held that:- Nowhere in the reasons do we find that in the reopened proceedings, the AO had unearthed anything which was materially concealed by the assessee. The ground for reopening after four years and after completion of regular assessment u/s 143(3), the department has to prove that in the intervening period, they were able to generate something, which was not described by the assessee either in its return or explanation. This fact has not been broken by the revenue authorities. Hon’ble Bombay High Court in the case of Sitara Dramond Pvt Ltd vs ITO, [2013 (9) TMI 571 - BOMBAY HIGH COURT] held that the department has to bring out something to prove that any particular of income was concealed. In fact, we find that even in the accounts, as submitted along with the ROI, all details had been disclosed. Thus the reassessment proceedings are bad in law. We, therefore, cancel the notice u/s 148 dated 02.03.2011 and as a consequence, all consequential proceeding are annulled. - Decided in favour of assessee Additions made on account of expenditure incurred by way of interest under section 14A - Held that:- In the case of the assessee in preceding year, we are of the opinion, that a consistent view taken by the revenue authorities on the submissions made by the assessee involving the factual aspects. We, therefore, set aside the order of the CIT(A) and restore the issue to the AO to ascertain the fact, as to when the investments were made and whether any investments, giving tax free income in assessment year 2008-09 and with a direction to verify and examine the necessary facts. - Decided in favour of assessee for statistical purposes.
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