9911796707
TMI Blog2016 (5) TMI 1146X X X X Extracts X X X X X X X X Extracts X X X X ..... zure, as is evident from the copy of panchnama, nor produced the same during the assessment proceedings, earlier cash books produced by the assessee company are of no support to its case. The assessee has failed to prove the source of the cash of ₹ 70,00,000/- found and seized from its premises on the basis of search and seizure conducted on 12.08.2007. So, the CIT (A) has rightly dismissed the assessee’s appeal. - ITA No. 1738/Del./2012 - - - Dated:- 9-5-2016 - Shri S. V. Mehrotra, Accountant Member And Shri Kuldip Singh, Judicial Member For the Assessee : Shri U.N. Marwa, CA For the Revenue : Shri Amit Mohan Govil, CIT DR ORDER Per Kuldip Singh, Judicial Member Appellant, M/s. Sareen Estates Private Limited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued calling upon the assessee to file the return of income for the assessment year 2008-09. Assessee filed the return of income on 17.09.2009 declaring income of ₹ 4,08,46,267/- qua AY 2008-09. Consequent upon the notices issued u/s 143(2) and 142(1) along with questionnaire, Shri Anil Kumar, CA and thereafter Shri Aditya Purwar, CA put in appearance and filed necessary details. Assessee is into the business of real estate development and construction activities. During the search, cash of ₹ 73,43,000/- was found out of which ₹ 70,00,000/- was seized from the business premises of the assessee. On failure of the assessee to prove on record the evidence for having aforesaid cash, assessment proceedings were initiated. Dur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000/- having been belonging to its sister concern during the assessment proceedings?. 7. AO in order to made the addition by ₹ 70,00,000/- to the income of the assessee returned the findings which are reproduced as under for ready reference :- 4. During the search cash of ₹ 73,43,000/- was found out of which an amount ₹ 70,00,000/- was seized from the business premise of the assessee. The assessee was asked during the search to furnish proof of the source of the above cash on the date of search, but the assessee failed to show any evidence relating to the same. The assessee was asked during assessment proceedings vide order sheet entry dated 18.12.2009 to show-cause why the above amount shall not be added as incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the above companies can safely be said to be an afterthought. Moreover, the statements recorded during the search were burnt in the fire that occurred immediately after the search. Hence the cash of ₹ 70,00,000/- seized during the search, is treated as the undisclosed income of the assessee for the year under consideration. (Addition of ₹ 70,00,000/-) 8. Ld. CIT (A), after calling upon the remand report, has not accepted the explanation furnished by the assessee that the seized cash belongs to other companies primarily on the ground that the assessee has furnished the cash book of the aforesaid company for the period 01.04.2006 to 31.03.2007 whereas search was taken place on 12.09.2007 and that summarized statement of cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion is not tenable because cash book only qua the period 01.04.2006 to 31.03.2007 was produced whereas the period under consideration was roughly starts after six months i.e. 12.09.2007, so non-filing of the cash book of the last six months authenticates the findings returned by the ld. CIT (A) that the same cannot be believed. Moreover cash book is a daily diary which is to be completed on day-to-day basis and to be kept and maintained at the office itself and not to be completed at the end of the financial year; (v) that the assessee has not brought on record any material to prove as to how the cash has been built up in the bank as shown in the bank statement out of which the cash was allegedly withdrawn; (vi) that the cash amount o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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