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2023 (1) TMI 856 - ITAT RAJKOTValidity of the reopening of the assessment - addition of difference of valuation of the property - HELD THAT:- Reasons recorded for reopening furnished to your good self earlier are well founded on facts and on the basis of new information received. So the satisfaction of AO was proper and based on relevant information. Addition made on account of difference in the value of assets declared by the assessee and the value of the same as per the DVO’s report - There was no contest on behalf of the assessee before the ld.CIT(A) despite several opportunities being given to the assessee, as noted by the ld.CIT(A) in his impugned and mentioned by us above. Even in further appeal before the Tribunal, as order-sheet reveals the assessee has been given as many as five opportunities to prosecute its appeals, but all the while, the assessee remained absent and did not participate in the proceedings before us, despite service of notices. Therefore, it is clear that the assessee except coming forward to file appeals before the appropriate authorities, is not interested in following up with its matter. We also find that the authorities below have given concurrent finding of fact and on that basis the ld.CIT(A) maintained the addition made by the AO. In the absence of any representation from the assessee, and in the absence of any material on record to support the case of the assessee, the concurrent findings of the authorities below remain uncontroverted before us. The order of the ld.CIT(A) upholding the validity of the assessment framed u/s 147 and also the addition made on account of unexplained investment u/s 69 of the Act, accordingly calls for no interference. Assessee appeal dismissed.
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