RISHI AGARWAL,GUWAHATI vs. ITO, WARD-2(2), GUWAHATI, GUWAHATI

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Manomohan Das & Shri Rakesh Mishra

282 ITR 553 wherein in respect of a para-materia provision it has been held that section 69 opens with the words 'where in the financial year immediately preceding the assessment year, the assessee has made investment’. Thus, in the first instance, it is the responsibility of the assessing authority to establish that there are investments made by the assessee