Tribunal, ”SMS” Bench, Chennai, on the grounds, inter alia, that the Commissioner of Income Tax (Appeals) had erred in confirming the order of the Assessing Officer with respect to re-opening of assessment u/s. 147/148 of the Act and that the Commissioner of Income Tax (Appeals) had erred in confirming the order of the Assessing Officer by disallowing a sum of Rs.7,10,000/- as unexplained income under the head “income from other sources”. The grounds raised by the assessee/appellant was considered by the Tribunal and as far as the re-opening of assessment is concerned, it has been held that the Assessing Officer has rightly invoked the provisions of sections 147 and 148 of the Act and accordingly, upheld the order of the revenue on this issue. However, with respect to disallowing the sum of Rs.7,10,000/-, as stated above, the Tribunal found that the trial balance of the asseesee dated 31.3.2008 shows that the assessee had invested in the purchase of 4,700 shares of M/s.Shyam Star Gen on 03.4.2007 to establish that the assessee had invested in the shares during the assessment year 2008-09 and the assessee had also produced the contract note issued by Smt.Leela Surana, dated 3.4.2007 to support the same. However, there was no reference about the statement of accounts submitted before the Tribunal by both the revenue authorities in their respective orders. Therefore, the matter was remitted back to the file of the Assessing Officer to examine the veracity of the statement of accounts furnished before the Tribunal and the genuineness of the same and thereafter, pass appropriate order as per law and on merits, vide order dated 13.11.2015 in I.T.A.No.553/Mds./2015. Being not satisfied with the above said order, the assessee has preferred the instant Appeal.
