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TMI Blog2019 (10) TMI 139X X X X Extracts X X X X X X X X Extracts X X X X ..... rder. The following sentences shall be substituted: Since both the AO and the CIT(A) have verified the cash and bank statements and have come to the conclusion that the assessee could not explain the sources for the cash found at the time of search, and even before us, the assessee could not establish the live link, we see no reason to interfere with the order of the CIT(A). Thus, ground no.4 raised by the assessee company is accordingly rejected. by the following lines: Since both the AO and CIT(A) have made the addition on the ground that the assessee could not establish the live link, we are of the opinion that if the assessee is able to satisfy that there were sufficient bank withdrawals to explain the funds in their hands, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve stated that the money belonged to the Appellant and was out of withdrawals made from the bank and out of the cash available from business operations. In support of the same, the cash book (which was not updated as on the date of search viz.,17.03.2009) but was later updated was filed before departmental authorities. 2. The AO as well as the CIT(A) found that cash was drawn from bank account of the Appellant on 11.03.2009 and was available. Apart from that cash was available in the cash book from business transactions. However, the authorities below have not accepted the availability of cash as on 17.03.2009 on the alleged ground that the Appellant had drawn cash from bank through multiple cheques which could have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, since authorities below could not look into the updated cash book in proper perspective, a submission was made requesting for remitting back this issue to the file of AO to look into the same afresh. 4. However, the Hon ble Tribunal by oversight has not considered the above essential facts which are available on record, but went by the findings of the authorities below, which were perverse and were contrary to the evidence on record. It is submitted that the cash withdrawal from the Syndicate Bank barely 6 days before the date of search (11.0-3.2009) could not have been eschewed from consideration for determining the availability of cash as on the date of search on 17.03.2009. Further, the principle laid down in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th Estates Pvt.Ltd. and the source for the same has been stated to be withdrawals from the bank and the cash available from business operations. The Ld.Counsel for the assessee pointed out that as long as the amount withdrawn from the bank is sufficient and cash available from business operations is available and is sufficient to explain the cash found in the hands of the assessee and its directors, at the time of search, the addition u/s 69 of the I.T.Act cannot be made and, therefore, according to him the finding of the Tribunal confirming the order of the CIT(A) that there should be a live link between the cash withdrawals and the cash found at the time of search is a mistake apparent from record which can be rectified u/s 254(2) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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