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2021 (1) TMI 11 - AT - Income TaxReopening of assessment - AO reopened the assessment on the ground that the assessee partners have introduced capital - reasons recorded for reopening of the assessment not supplied to the assessee - HELD THAT:- During the assessment proceedings, the AO has accepted the facts that the amount of ₹ 7,90,266/- is actually the opening capital of the partners as on 01.04.2008 which includes interest on capital. Once this fact is accepted then the question arises about the validity of the reopening of the assessment. Since the Assessing Officer has not supplied the reasons recorded for reopening of the assessment to the assessees therefore, the objections if any to be raised by the assessee remained undecided. Further the AO has made the addition on account of unexplained investment by estimating ₹ 3 lacs out of 6 lacs introduced by each assessee. Only in the case of Shri. Shashi Bala Singh, the AO made the addition of full amount of ₹ 6 lacs towards the unexplained investment for introduction of the capital in the partnership firm. Therefore, the impugned orders of AO and CIT(A) are set aside and all these matters are set remitted to the record of the AO with the direction to supply the reasons recorded for reopening of the assessment to the assessee and then decided the objections to the filed by the assessee against the notice under section 148 - Assessee appeals are allowed for statistical purposes.
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