Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (3) TMI 579 - AT - Income TaxUnexplained investment u/s 69 - Reopening of assessment u/s 147 - Held that:- The case of the AO in the remand report was that on redemption of the investments made in the earlier year during the previous year, the investments made during the previous year becomes fresh investment. This stand of the AO is contrary to the provisions of sec.69. There is no dispute about that fresh investments have been made during the year but all such investments have come out of the maturity of the investments made in earlier years. Therefore the source of investments made during the year have been explained. The addition of ₹ 3,29,00,000/- cannot be sustained as unexplained investment of the assessee during the assessment year in question and was rightly deleted by the CIT(A). Further the earlier year’s assessment have been reopened by the AO u/s 148. The source of funds for making investments of the units of Mutual funds which matured for payment can be examined only in the assessment year relevant to the previous year in which the investment was made. - Decided against revenue.
|