9911796707
TMI Blog2015 (5) TMI 710X X X X Extracts X X X X X X X X Extracts X X X X ..... ings, then later on the Revenue cannot challenge the existence of cash, therefore, we find nothing wrong with the order of the learned Commissioner of Income-tax (Appeals) and we confirm the same - Decided against revenue. - ITA No. 734/Chd/2014 - - - Dated:- 12-1-2015 - SHRI BHAVNESH SAINI AND SHRI T.R. SOOD, JJ. For the Appellant : Shri Manjit Singh For the Respondent : S/Shri Sudhir Sehgal Ashok Goyal ORDER T. R. Sood (Accountant Member).- The appeal filed by the Revenue directed against the order dated May 7, 2015 (sic) of the Commissioner of Income-tax (Appeals)-I, Ludhiana. 2. In this appeal the Revenue has raised the following effective ground : That the learned Commissioner of Income-tax (Appeals) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2010 Cash deposited 1,10,000 26-2-2010 Cash deposited 2,00,000 17-3-2010 Cash deposited 20,00,000 18-3-2010 Cash deposited 20,00,000 18-3-2010 Cash deposited 10,00,000 19-3-2010 Cash deposited 10,00,000 19-3-2010 Cash deposited 12,00,000 20-3-2010 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al year 2009-10 Date Particulars Receipts (Rs.) Payments (Rs.) 1-4-2009 Opening cash in hand on account of income surrendered under section 132(4) for the assessment years 2007-08 and 2008-09 80,00,000 - 20-8-2009 By rent received C. Ex 90,180 - 25-8-2009 To cash deposited OBC - 90,180 22-12-2009 By Ch. 352397 Self OBC 3,00,000 - 28-12-2009 To cash deposited OBC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... To cash deposited OBC - 6,00,000 Total 94,40,180 94,40,180 5. It was further explained that cash was duly reflected even in the wealth- tax return and copy of the wealth-tax return was also enclosed. The Assessing Officer after examining these submission observed that the amount which was available at the time of search was related to the search conducted in April 2007, i.e., about three years back, and therefore, cash could not be still available. He further observed that in the meantime marriage of the son of the assessee was also solemnised and may be cash was spent in that. Further, a cash of ₹ 80 lak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ongly supported the impugned order. 10. After considering the rival submissions we find that this issue has been decided by the learned Commissioner of Income-tax (Appeals) vide para 9 which is under : 9. I have considered the facts of the case, the basis of addition made by the Assessing Officer and the arguments of the authorised representative on the issue during assessment as well as appellate proceedings. The following incontrovertible facts regarding availability of cash in hand with the appellant have been admitted by the Assessing Officer in the assessment order : (i) The assessee had admitted income under section 132(4) in the form of 'receivables' to the tune of ₹ 80,00,000 during the course o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n bank was with the appellant and mere suspicion on this account could not obliterate the fact of the assessee having such cash in hand as on March 31, 2009. In the circumstances, there is no reason to hold that the said cash deposits were from some other accounted income of the appellant and not from available cash in hand. The addition made is merely on suspicion ignoring all factual evidence in this regard and is therefore directed to be deleted. 11. In our opinion, the learned Commissioner of Income-tax (Appeals) has correctly decided the issue because admittedly the assessee had disclosed a sum of ₹ 1.03 crores in the assessment year 2007-08, and a sum of ₹ 10 lakhs in the assessment year 2008-09. This amount was surren ..... X X X X Extracts X X X X X X X X Extracts X X X X
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