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TMI Blog2010 (8) TMI 1050X X X X Extracts X X X X X X X X Extracts X X X X ..... nversant with the business, financial and legal affairs of the partnership firm and prayed to condone the delay. For this, reliance was placed on the judgment of the Hon'ble Allahabad High Court in the case of Ganga Sahai Ram Swarup Another vs.- Income Tax Appellate Tribunal Others reported in 271 ITR 512 (Allahabad). Reliance was also placed on the judgment (pronounced on 09.10.2006) of the Hon'ble Supreme Court in Civil Appeal No. 2395 of 2008 in the case of Improvement Trust vs.- Ujagar Singh, wherein it was held that unless malafides are writ large, delay should be condoned and matter should be disposed on merits and not on technicalities. In view of this, delay of 19 days is condoned and the appeal of the assessee is admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmed the addition. Being aggrieved, the assessee is in appeal before the Tribunal. 6. At the time of hearing before us, on behalf of assessee Shri S.N. Divetia, ld. counsel appeared and he assured us to produce that party before the Assessing Officer. The ld. counsel of the assessee further submitted that in case, the assessee failed to produce the said party for examination by the Assessing Officer, in that event, the Assessing Officer is at liberty to make the addition. 7. On the other hand, Shri Anil Kumar, ld. Sr. D.R. appearing on behalf of the Revenue vehemently objected to this prayer of the assessee on the ground that enough opportunity was given by the Assessing Officer, therefore, there is no necessity for giving one more op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - on 01/01/2005 (as per Annexure - B of assessee's submission).. However on going through the same Annexure it is seen that the assessee has not considered the shortfall in cash i.e. negative dosing cash balance of a particular day as opening cash balance for the next day. Instead the assessee has considered the original opening cash balance for the next day instead of considering negative closing cash balance of the previous day as recasted. Thus the assessee has not recasted his entire cash book, the assessee has just worked out the cash balance only for those days which were mentioned in the show cause notice To be more specific on 03/11/2004 the assessee deposited ₹ 1,00,000/- and the assessee was having balance available at & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a particular day as opening cash balance tor the next day. Instead the assessee has considered the original opening cash balance for the next day instead of considering negative closing cash balance of the- previous day as recasted. Thus [he assessee has not recasted his entire cash book. The assessee has just worked out the cash balance only tor those days which were mentioned in the show cause notice. To be more specific on 3.11.2004 the assessee deposited ₹ 1,00,000/- and the assessee was having balance available at ₹ 73,876/-, thus the assessee has worked out negative cash balance of Rs.(-)26,124/-. However, the assessee has not considered the said negative closing cash balance as opening cash balance for 3.112004. Instead t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh balance. After taking into consideration the same, the unaccounted introduction of cash worked out at ₹ 4,00,000/-. Therefore, the view taken by both the departmental authorities below be upheld. 12. Having heard both the sides, we have carefully gone through the orders of authorities below. It is pertinent to note that in the impugned order, the Learned Commissioner of Income Tax(Appeals) has given detailed discussion on the submissions made by the ld. counsel of the assessee. Admittedly, on 03.11.2004, the assessee deposited ₹ 1,00,000/- and the assessee was having balance available at ₹ 73,876/-. Thus the assessee has worked out negative cash balance of Rs.(-)26,124/-. However, it has not considered the said negat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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