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TMI Blog2012 (6) TMI 357X X X X Extracts X X X X X X X X Extracts X X X X ..... order of the Income Tax Appellate Tribunal (I.T.A.T.) dated 15/02/2011 in Income Tax Appeal no.144(PNJ)/2008. 2. The learned counsel appearing on behalf of the appellant submits that the question of law framed in the memo of appeal would squarely arise in consideration and determination of this appeal. He summarized that the amount to the extent of Rs. 24,00,000/-, which is stated to be recovered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .T.A.T. impugned in this appeal, it would be clear that search was conducted and cash was found in possession of Smt. Mayadevi Agrawal and Shri Krishna Kumar Agrawal, the assessees. Shri Krishna Kumar Agrawal's statement was recorded on 19th October,2005. Upon inventory of cash seized, the sum ascertained was Rs.34 lakhs. It was stated by Krishna Kumar Agrawal that cash found includes the amount t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the sum of Rs. 25 lakhs were given for being kept in safe custody. However, Krishna Kumar Agrawal in answer to question no. 3 stated that money is given to the son for the purpose of any usage that he may find necessary. In other words, the money was given for son's requirements. The appellant or the father never stated the exact date of giving this amount, but from the records it is clear that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rse of the foreign trip. 5. To our view, it is clear instance of the statement made and recorded, so also the answer to specific question and the entire record that the Tribunal concludes with the presumption that the amount stated in the books of account has not been handed over by the father, but belongs to the assessee, has been withdrawn. Thus, it is clear that the assessee was found in posse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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