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2017 (3) TMI 1477 - AT - Income TaxReopening of assessment - amount of loan taken by M/s K. N. Parikh (firm) can be considered as income of assessee - Held that:- AO failed to appreciate the facts properly while reaching to the conclusion that there was any ‘escapement of income’ on behalf of assessee. Since in the present case no amount was taken as loan by the assessee from M/s N.H. Securities. Therefore, in such circumstances, the very basis for reopening is not based on correct appreciation of facts. Hence, the orders of ACIT for reopening the assessment of the assessee on the basis of reasons recorded by him u/s 148(2) of the Income Tax Act is not sustainable in the eyes of law. In such circumstances, we allow this ground of appeal and set aside the order of CIT(A) sustaining the order of reopening. - Decided in favour of assessee.
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