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TMI Blog2000 (6) TMI 139X X X X Extracts X X X X X X X X Extracts X X X X ..... artment initiated action under s. 132 of the Act and took possession of the money. Statement under s. 132(4) recorded wherein the assessee stated that he is an employee of M/s Hukmichand Ghewarchand and amount belongs to this firm and he was deputed to purchase silver at a given price from Bikaner. Since the prevalent rate of silver was higher, he could not purchase and was coming from Bikaner to Ajmer when apprehended by the police. The Department carried out a survey under s. 133A at the business premises of the assessee-firm on the same date. The books of account maintained by the firm were identified wherein it was found that the entry of this amount is available in the cash book as handed over to the assessee. A letter by Shri Bhagchan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lice authority till regular framing of the assessment. The appellant always stated that cash belong to the firm M/s Hukmichand Ghewarchand, Naya Bazar, Ajmer. Secondly, immediately survey was conducted at the business premises of the firm on 8th Jan., 1991, when the appellant was apprehended by the cash by the police authority and necessary entries were found recorded. Thirdly, there was sufficient cash balance earlier than this date thereby indicating no change of building up cash balance to explain the acquisition. Considering the fact of the case, it is clear that the cash of Rs. 3,21,000 belongs to the firm M/s Hukmichand Ghewarchand, Naya Bazar, Ajmer, verified by the AO under s. 133A of the Act on the same date duly recorded in the bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nable that even the police officers would allow such type of thing. It was also pointed out that survey under s. 133A was carried out on the very same date wherein the cash book and other books of account were duly identified. The cash book establishes the fact that this much amount was available and withdrawn from the cash book and the necessary entries were also made. Doubting these were made at a later stage is without any basis and highly improper. It was also contended that in the survey, it was duly proved that sufficient cash balance earlier than the date of survey indicating that no chance of building up cash balance to explain the acquisition was available. The firm M/s Hukmichand Ghewarchand is an income-tax payer and the assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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