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2019 (12) TMI 31 - ITAT HYDERABADReopening of assessment u/s 147 - HELD THAT:- No doubt that in the reopening of assessment notice issued beyond four years, the AO has established the fact that the assessee has not disclosed all the facts fully and truly to complete the assessment. From the reading of the above reasons recorded by the AO, we find that the AO after examining the entire file of the assessee came to the conclusion that the assessee has not disclosed true facts before him to complete the assessment. AO also clearly mentioned that the assessee has failed to disclose truly and fully all the material facts to complete the assessment. Thus, we find that the AO has rightly reopened the assessment. Even the CIT(A) in his order gave ca categorical finding that the statements given by Chairman/Promoter of the SCSL dated 07/01/2009 with reference to 33 specified companies fudged all the books of account and the AO based on the statement given by the Chairman of the SCSL and information gathered from the books of account of the assessee and other documents, came to a prima facie conclusion that the assessee has not disclosed the true facts and all other materials to complete the assessment. AO has rightly reopened the assessment and accordingly we uphold the order of CIT(A) in confirming the reopening of assessment made by the AO u/s 147 Disallowance u/s 14A - HELD THAT:- No infirmity in the decision of the CIT(A) in restricting the disallowance to ₹ 50,000/- and accordingly, we uphold the order of CIT(A) on this issue and dismiss the ground raised by the assessee. Similar ground u/s 14A was raised by the assessee. CIT(A) has restricted the disallowance to ₹ 50,000/- as against the disallowance made by the AO. Accordingly, we find no reason to interfere with the decision and hence, uphold the order of CIT(A) on this issue and dismiss the ground raised by the assessee. Computation of income and segregation of ‘loss from speculation business’ - HELD THAT:- As perused the material on record as well as gone through the orders of revenue authorities. We are of the view that the CIT(A) has rightly directed the AO to verify the true nature of the transactions and decide the issue in accordance with law and recompute the income of the assessee accordingly. We do not find any reason to interfere with the decision of the CIT(A) and accordingly, we uphold the order of the CIT(A) and dismiss the ground raised by the assessee on this issue.
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