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2020 (2) TMI 502 - AT - Income TaxReopening of assessment u/s 147 - unexplained investment - HELD THAT:- AO proceeded to initiate the proceedings under section 147 after receiving some reliable information from the outside source. As such, the AO after receiving the information verified the balance sheet of the assessee wherein the investment was shown at ₹ 1.43 crore. AO after receiving the information applied his mind by referring the balance sheet of the assessee and after that recorded his satisfaction u/s 147 - the allegation of the assessee that there is change of opinion is not sustainable. Accordingly we do not find any merit in the argument of the learned AR for the assessee. Hence the additional ground of appeal of the assessee is dismissed Addition u/s 69 on protective basis - It is necessary to ascertain the fact of the final outcome of substantive addition in the hands of other companies before reaching to the conclusion in the present case. But no such detail is arising from the order of the authorities below. We also note that the assessee has filed certain additional/new evidences to justify the source of investment in the companies as discussed above which were not accepted by the learned CIT (A). These additional/new evidences were not admitted by the learned CIT (A) as the assessee has not given any reasonable reason for not filing the same before the AO during the assessment proceedings. In this regard, we note that there is a procedure prescribed under rule 46A of income tax rule for furnishing the additional evidences. But the assessee has not complied the same. In the present facts of the case, admittedly the assessee has disclosed the investments in its books of accounts. Thus the question arises whether the addition can be made to the total income of the assessee under section 69 of the Act on account of such investments which was disclosed in the books of accounts. But, we do not want to comment on the same for the reason that 1st of all it is necessary to ascertain the status of the substantive assessment made in the hands of the companies as discussed above. Entire issue needs to be examined afresh by the AO as per the provisions of law and in the light of the above stated discussion. Hence the ground of appeal of the assessee is allowed for the statistical purposes.
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