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Income Tax Appellate Tribunal, PATNA BENCH “E” COURT AT KOLKATA
Before: Shri S.S.Godara & Dr.A.L. Saini
आदेश /O R D E R PER S.S.Godara, Judicial Member:- These two assessee’s appeals for assessment year(s) 2001-02 and 2002-03 arise against the Commissioner of Income Tax (Appeals)-1 Patna’s separate orders both dated 14.06.2018 passed in case Nos.239 & 240/CIT(A)-1/2006-07; respectively involving proceedings 143(3) r.w.s. 147 of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file(s) perused.
-202/Pat/2018 A.Ys.2001-02 & 2002-03 Avinash Tiwary Vs. DCIT, Cir-3,Gaya Page 2 2. Learned counsel is very fair at the outset in not pressing assessee’s identical former substantive ground in both appeal(s) challenging validity of the impugned re-opening. The same is dismissed as not pressed therefore.
Coming to the assessee’s former appeal the latter issue qua correctness of both the lower authorities action treating a sum of ₹17,61,100/- as unexplained investment in M/s Gupteshwaram Rice Mills Pvt.Ltd. learned counsel’s case is that he had invested a sum of ₹3,15,000/- only in the relevant previous year 2000-01 whereas the entire sum in the balance-sheet of the said entity has been added in his hands. He fails to dispute that the Assessing Officer has framed his “best” judgment assessment making the impugned addition. The factual position remains the same before the CIT(A) as well as wherein this clinching fact has nowhere been verified. We therefore deem it appropriate to restore the instant latter issue back to the file of Assessing Officer for his necessary factual verification as per law within three effective opportunities of hearing. The Revenue’s vehement contention the impugned addition also follow suit. This assessee’s former appeal ITA No.201/Pat/2018 is partly allowed for statistical purposes in above terms.
Same order to follow in assessee’s latter appeal qua the second issue of similar unexplained investment of ₹2,09,824/-. Learned Assessing Officer shall examine this entire issue keeping in all the relevant evidence produced at the assessee’s behest in consequential proceedings.