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TMI Blog2021 (1) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... s therefore, the objections if any to be raised by the assessee remained undecided. Further the AO has made the addition on account of unexplained investment by estimating ₹ 3 lacs out of 6 lacs introduced by each assessee. Only in the case of Shri. Shashi Bala Singh, the AO made the addition of full amount of ₹ 6 lacs towards the unexplained investment for introduction of the capital in the partnership firm. Therefore, the impugned orders of AO and CIT(A) are set aside and all these matters are set remitted to the record of the AO with the direction to supply the reasons recorded for reopening of the assessment to the assessee and then decided the objections to the filed by the assessee against the notice under section 148 - As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... That in any view of the matter when the Assessing Officer accepted the source and part investment was added and no benefit was allowed by considering the family status and maintained the addition ₹ 6 lakh as income from undisclosed sources is highly unjustified and in this regard finding and observation in the order are incorrect. d) That in any view of the matter penal interest charged under different section is highly unjustified. e) That in any view of the matter the assessee reserves his rights to take any fresh ground of appeal before hearing of appeal. ITA No. 243/ALLD/2018 a) 1. That in any view of the matter proceeding u/s. 148 of the Act as stated is illegal, bad in law in so for as the action of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntroduced capital of ₹ 07,90,266/- in each case in partnership firm M/s. Jay Ambe Cold Storage. While completing the assessment, the AO made addition of ₹ 6 Lacs on account of unexplained investment in case of Shri. Shashi Bala Singh and ₹ 3 Lac each in case of other four partners. The assessee challenged the addition made by the AO before the CIT(A) but could not succeed. 3. Before the Tribunal, the learned AR of the assessee has submitted that the Assessing Officer has reopened the assessment on the ground that the assessee partners have introduced capital of ₹ 07,90,266/- in each case. However, during the assessment proceedings, the AO accepted this fact that this amount of ₹ 07,90,266/- is the opening ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e other hand, the learned DR has vehemently opposed to the plea of the assessee to supply the reasons recorded and then raised the objections against the notice under section 148 on the ground that the assessees have not raised such objection during the assessment proceedings. He has relied upon the orders of the authorities below. 5. I have considered the rival submissions as well as relevant materials available on record. It is apparent from the assessment order that the AO reopened the assessment to assess the income assessable to tax on account of a sum of ₹ 7,90,266/- as capital introduced by these assessees in the partnerships firm M/s. Jay Ambe Cold Storage. The notice under section 148 was issued in all these five cases on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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