2018 (5) TMI 1885

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..... ue is in appeal against the order passed by the Income Tax Appellate Tribunal, Division Bench, Chandigarh (for short - 'the Tribunal') passed in ITA No.505/CHD/2014 dated 18.12.2015 for the assessment year 2006-07, raising the following substantial questions of law:- i) Whether on the facts and in circumstances of the case and in law, the Hon'ble ITAT was right in deleting addition .....

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..... uring the course of assessment proceedings, Managing Director of Basera Realtors Pvt. Ltd. made a statement that 50% of unexplained investment belong to the respondent-assessee. The information was passed on to the Assessing Officer. Assessment proceedings under Sections 147/148 of the Income Tax Act, 1961 (for short - 'the Act') were completed. The present proceedings arise out of those a .....

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..... ority directing assessment of the entire unexplained investment in its hands. The matter was remitted back to the Assessing Officer only for the purpose of calculation of the quantum. As per the information available with the Department, Basera Realtors Pvt. Ltd. has not challenged the order passed by the Tribunal upholding the order passed by the Commissioner of Income Tax (Central), Ludhiana .....

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