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2017 (1) TMI 1138 - AT - Income TaxUndisclosed investment - Held that:- AO has considered only the amount of ₹ 5,57,000/- for making addition and has not examined the other amounts, the reasons of which are not available on record. We are not sure whether those investments were made in this year or in earlier years. Be that as it may, there was a short disclosure to an extent of ₹ 11,98,400/-, out of which ₹ 5,57,000/- was considered as undisclosed in the assessment order. The explanation offered by assessee is not proper in the sense that no reasons were given, why the above amounts were not disclosed earlier. Even though a reconstructed Balance Sheet was prepared, the corresponding sources were not properly explained. Therefore, we are of the opinion that the order of the CIT(A) confirming the above amount does not require any interference. In view of that, we affirm the order of the Ld.CIT(A). Grounds on this issue are rejected. Completion of assessment U/s. 144 - Held that:- No merit in the ground raised by assessee. Even though a notice U/s. 147 was issued, assessee has not filed any revised return. Even though the proceedings were completed by issuance of notices to assessee and examining the issues, technically, the assessment has to be completed only U/s. 144, as provided in sub-section 1(a). We do not find any merit in the ground. Accordingly, this ground is rejected.
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