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2017 (7) TMI 734 - HC - Income TaxAddition u/s 68 - revision u/s 263 - Held that:- The assessment of Mr. Suveer Arora for the same AY was completed under Section 143(3) of the Act. After considering all of the above documents, the ITAT came to the conclusion that there was no ground to dispute the genuineness of the investment. In response to the query from the Court, Mr. Bhatia confirmed that the assessment order passed in the case of Mr. Suveer Arora under Section 143(3) of the Act was not re-opened by the Revenue by invoking Section 263 of the Act. In the circumstances, the mere fact that Mr. Suveer Arora was not produced by the Assessee before the AO for examination will not detract from the identity, genuineness and creditworthiness of the Investor. The conclusion reached by the ITAT cannot be said to be suffering from any legal infirmity. The question framed is, accordingly, answered in the negative, i.e. in favour of the Assessee and against the Revenue.
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