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TMI Blog2017 (12) TMI 1005X X X X Extracts X X X X X X X X Extracts X X X X ..... before A.O. said that I simply signed the papers without going it cannot be accepted, we find that this argument raised by the counsel by the assessee is rejected. Sofaras another argument raised by the counsel that this cash is belonging to the sister concern of the assessee firm. The assessee is not able to establish names of the sister concern and type of business carried by the sister concern and books of accounts of the sister concern. Simply submitted before the A.O. that the cash found during the course of survey is belonging to sister concern is not sufficient. The assessee also failed to explain the sister concern companies also existed in the premises of the assessee firm. The assessee has failed to give details of the sister con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal filed by the revenue is dismissed. 4. In the result, the appeal of the revenue is dismissed. ITA No. 378 5. Facts or in brief that the assessee M/s. Nidhi Sulphonates is engaged in the trading of chemicals. The assessee filed a return of income on 16.09.2010 declaring a total income of ₹ 13,21,720/-. The return filed by the assessee initially passed u/s 143(1) of the Income Tax Act, 1961. Thereafter, there was a survey under section 133A of the IT Act, 1961 carried on the business premises of the assessee on 15.03.2010. In the course of the survey proceedings, inventory of stock, inventory of cash, inventory of note books un-entered sales in accounts, extracts of accounts, statements of partner on the affairs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer after considering the explanation given by the assessee made an addition on the ground that the assessee is not able to substantiate that the CASH found during the course of the survey belonging to the sister concern. The A.O. also observed that the retraction statement made by the partner of the firm Raja Babu Khandelwal communicated to the department during the course of the assessment proceedings after 3 years and he is of the opinion that it is an afterthought it cannot be accepted accordingly assessment is completed by making an addition of ₹ 18,08,048/-. 8. The assessee carried the matter before the Ld. CIT(A). 9. The Ld. CIT(A) after considering the submissions made by the assessee, he has observed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rthought. Insofar as other submissions of the learned counsel for the assessee, the learned DR further submitted that the cash found during the course of the survey is belonging to the sister concern as per the assessee but assessee has failed to discharge the burden casted upon it by bringing relevant evidence. In the present case, the assessee has not filed any details about the sister concern of the assessee s firm and he has also failed to prove that the assessee s sister concern carrying its activity the very same premises of the assessee s firm and submitted that the order passed by the Ld. CIT(A) may be confirmed. 12. We have heard both the sides perusing the records gone to the orders of the authorities below. The only issue invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessment proceedings only afterthought and it cannot be accepted. We find that the assessee has not given any explanation before the A.O. why the retraction letter dated 19.04.2010 is placed before the A.O. during the course of the assessment proceedings not communicated to the department. Even before us, the assessee has not given any explanation why this letter is not communicated to the department immediately. Only that the partner Rajababu Khandenwala, he himself admitted that the cash found during the course of the survey out of unrecorded sales made by the assessee firm now before A.O. said that I simply signed the papers without going it cannot be accepted, we find that this argument raised by the counsel by the assessee is rejec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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