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TMI Blog2012 (8) TMI 149X X X X Extracts X X X X X X X X Extracts X X X X ..... al course of business, and in such circumstances, there was no justification for treating the cash as unexplained if as per the books produced before the Assessing Officer the cash found tallied with the books - TAX APPEAL NOS. 38 & 40 OF 2011 - - - Dated:- 26-3-2012 - BHASKAR BHATTACHARYA, J.B. PARDIWALA, JJ. Mrs. Mauna M. Bhatt for the Appellant. ORDER Bhaskar Bhattacharya, Actg. CJ. This Appeal under Section 260A of the Income Tax Act is at the instance of the Revenue and is directed against an order dated 19th August 2010 passed by the Income Tax Appellate Tribunal, Rajkot Bench, Rajkot in I.T. (SS) A. No. 92/RJT/2003, by which the Tribunal dismissed the Appeal preferred by the Revenue against the order of the Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchases of crackers respectively; 8. Addition of Rs. 90,000=00 made by the Assessing Officer on account of investment and profit on sale of house property in Vinayak Apartment; 9. Disallowance made by the Assessing Officer of Rs. 76,759=00 under Section 40A(3) on the ground of cash payment made to certain parties exceeding Rs. 10,000=00 in each case; 10. Addition of Rs. 1,33,317=00 made by the Assessing Officer on account of amounts received from six parties as a sales consideration or receivables; 11. Reduced granted by C.I.T.(A), to the extent of Rs. 1,50,000=00 from an addition made by the Assessing Officer of Rs. 2,50,000=00 on the ground of unexplained marriage expenses of son of the assessee; 12. Addition of Rs. 19,03 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be understood harmoniously with Section 158BB(1)(d) dealing with computation of income. 6. The Commissioner of Income Tax (Appeals), after taking into consideration the materials on record, came to the conclusion that the books of account for the financial year 1998-99 were not written till the date of search, and for that reason only, the Assessing Officer had not accepted the cash found as explained. The Commissioner of Income Tax (Appeals) pointed out that the prime records from which the books of account were prepared were produced before the Assessing Officer during the course of assessment proceedings. The Commissioner of Income Tax (Appeals) pointed out the fact that the books were written after the search but, this fact does n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount of cash that was found at the time of search. 8. After hearing Mrs. Bhatt, we are, however, unable to accept the aforesaid contention as tenable. It appears that neither before the Commissioner of Income Tax (Appeals) nor before the Tribunal below where the Revenue was the appellant, any such point was taken that opportunity should be given to verify the prime records. Such being the position, we do not find any substance in the aforesaid contention of Mrs. Bhatt that the prime documents really were not verified in spite of the specific finding recorded by the Commissioner of Income Tax (Appeals) that the Assessing Officer did not find any discrepancy. Such facts not having been challenged by the Assessing Officer before the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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