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2020 (4) TMI 705 - AT - Income TaxReopening of assessment - additional income as “income from other sources” and the provisions of section 69B of the Act were invoked - assessee accepting the strong possibility of the existence of direct nexus to bring that the said cash as a ‘business income’ in the hands of the assessee and Serum group of company and if the assessee fails to demonstrate the same before the CIT(A) he is free to confirm the additions and prayed for remanding this issue to the file of the CIT(A) for fresh examination - HELD THAT:- In the interests of justice, an opportunity should be granted to the assessee. Accordingly, I proceed to remand this issue, raised in ground no.2, to the file of the CIT(A) for fresh adjudication. The CIT(A) shall adjudicate the said issue afresh after entertaining the submissions and additional evidences of the assessee, if any, which is directly connected to this transaction of ₹ 38,25,000/- paid in connection with the transaction of purchase of land by Serum group of company. The CIT(A) shall also grant reasonable opportunity of being heard to the assessee in accordance with set principles of natural justice. Addition u/s 14A r.w.r. 8D - Computing of disallowance - computation of the average investments - HELD THAT:- Considering the above submissions of the assessee, on one side and the order of the Tribunal in the case of Quick Heal Technologies Ltd. [2019 (3) TMI 699 - ITAT PUNE] on the other, we find the issue now stands covered in favour of the assessee i.e. only the dividend yielded investments should be considered for computation of average investments.
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