TMI Blog2015 (11) TMI 1675X X X X Extracts X X X X X X X X Extracts X X X X ..... nt assessment year i.e. on 17.09.2008 and 24.09.2008 of ₹ 6,80,000/- and ₹ 30,000/- respectively against which he had obtained back dated contract note for the purchase of ₹ 4700 shares of “Shyam Star”. Therefore, Assessing Officer has rightly invoked the provisions of section 147 & 148 of the Act. Accordingly we uphold the order of the Revenue on this issue. - I.T.A.No.553/Mds. /2015 - - - Dated:- 13-11-2015 - SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER Appellant by : Mr.T. Banusekar,C.A Respondent by : Mr.P.adhakrishnan,JCIT, D.R O R D E R PER A.MOHAN ALANKAMONY , ACCOUNTANT MEMBER: This appeal is filed by the Assessee, aggrieved by the order of the Learned Commissioner of Income Tax( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led his return of income on 27.10.2011 admitting his total income as ₹ 1,68,570/- including agricultural income of ₹ 7,000/-. Thereafter the assessment was completed under section 143(3) r.w.s 147 of the Act on 25.03.2013 wherein the ld.AO made an addition of Rs. .7,10,000/- (6,80,000 + 30,000) as the unexplained income under the head income from other sources since the assessee had not explained the source for the cash payment of ₹ 7,10,000/- to Smt.Lela Surana for the purchase of shares. 4. With respect to reopening, the Ld. CIT (A) opined as follows:- i) The present case is a case of reopening of assessment within the period of four years from the end of the relevant assessment year. Consequently the Ld. Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT (A) is appropriate to the facts of the case of the assessee. Moreover, in the case before us, the Ld. Assessing Officer has reopened the assessment because he had information due to the survey conducted U/s. 133A of the Act in the business premises of Smt. Leela Suranathat the assessee had made cash payment during the relevant assessment year i.e. on 17.09.2008 and 24.09.2008 of ₹ 6,80,000/- and ₹ 30,000/- respectively against which he had obtained back dated contract note for the purchase of ₹ 4700 shares of Shyam Star . Therefore, the Ld. Assessing Officer has rightly invoked the provisions of section 147 148 of the Act. Accordingly we uphold the order of the Revenue on this issue. 6. On merits, the Ld. A.R sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
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