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2023 (1) TMI 27 - AT - Income TaxReopening of assessment u/s 147 - jurisdictional ground for reopening u/s 148 - unexplained investment - HELD THAT:- In factual position the assessee has already transacted the share/mutual funds in amounts for relevant financial year. In quantum assessment the assessee had not contradicted the transaction amount with ld. AO. AO has correctly calculated the investment part in share amount of Rs. 5 lacs. Further, during the year the assessee had liquidated the investment and had incurred the STGC amount of Rs.2 lacs. The source of investment amount of Rs. 5,00,000/- is remained unexplained before the bench. We find no infirmity in the order of the ld. AO. Assessee had not able to submit any contradictory fact or any calculation against the order of the ld. AO. CIT(A) has discussed both the legal and factual issue in the order. We are not intervening in the order of the revenue authorities in this stage. Accordingly, the addition made by the assessing authority is upheld. Appeal of assessee dismissed.
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