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TMI Blog2015 (11) TMI 1675X X X X Extracts X X X X X X X X Extracts X X X X ..... rux of the issue is that:- (i) The Ld. CIT (A) had erred in confirming the order of the Ld. Assessing Officer with respect to reopening of assessment U/s. 147/148 of the Act. (ii) The Ld. CIT (A) had erred in confirming the order of the Ld. Assessing Officer by disallowing a sum of Rs. 7,10,000/- as unexplained income under the head "income from other sources". 3.1 The brief facts of the case are that the assessee is an individual, and had failed to file his return of income for the assessment year 2009-10. Pursuant to the survey conducted under section 133A of the Act in the business premises of Smt.Leela Surana, a share sub-broker on 25.11.2009, it came to light that the assessee had made cash payments of Rs. 6,80,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... placed in the decision of Hon'ble High Court of Gujarat in the case of Prajul Chunila Pael Vs. M.J. Makwant reported in 236 ITR 832 & P&H High Court in the case of Venus Industrial corporation Vs. ACIT reported in 236 ITR 742. 5. Before us the Ld. A.R. reiterated his submissions made before the Ld. CIT (A) in regard to opening U/s. 147 /148 of the Act. On the other hand Ld. D.R argued in support of the orders of the Ld. Assessing Officer and Ld. CIT (A) and pleaded that the additions may be sustained. We have heard both the parties and carefully perused the materials available on record. With respect to the first issue of reopening, it is evident that the case was reopened within four years from the end of the relevant assessment yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sted in the shares during the assessment year 2008-09. The assessee has also produced the contract note issued by Smt.Leela Surana, dated 03.04.2007 to support the same. However, there is no reference about the statement of accounts submitted before us by both the Revenue authorities in their respective orders. Therefore, in the interest of justice we hereby remit back the matter to the file of Ld. Assessing Officer to examine the veracity of the statement of accounts furnished before us and the genuineness of the same and thereafter pass appropriate order as per law and merits. The assessee is also hereby directed to co-operate with the Revenue in the proceedings in order to expedite their orders failing which the Revenue shall be at liber ..... X X X X Extracts X X X X X X X X Extracts X X X X
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