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TMI Blog2019 (11) TMI 140X X X X Extracts X X X X X X X X Extracts X X X X ..... e failure on the part of the appellant, as specifically enumerated u/s 144. 2. On the facts and in the circumstances of the case the Assessing Officer has erred in making addition of Rs. 3,68,729/- on account of shortage of physical cash-in-hand as against the cash balance appearing in the books of the appellant. The above grounds of appeal may kindly be allowed to be altered, modified, amended, deleted etc." 3. Before me, at the outset, ld. Counsel for the assessee did not press the ground no.1 relating to the reassessment issue. Accordingly, the same is dismissed as not pressed. 4. Regarding the ground no.2 relates to the addition of Rs. 3,68,729/-, ld, counsel for the assessee submitted that this is the case where a survey acti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t evidenced that this cash has been utilized for making expenditure which is booked later. The appellant has also not made such claim at the time of survey. Therefore, the same is treated as an afterthought and dismissed. The addition made by the AO is sustained." 5. Before me, ld. Counsel for the assessee submitted that, as on date, there is (i) addition of Rs. 2,87,754/- on account of unaccounted purchase of jewellery and (ii) addition of Rs. 3,68,729/- on account of cash shortage. It is the submission of the assessee that the said cash shortage is due to use of the some expenses. Further, ld. AR submitted the said cash also found way into the said excess stock jewellery. This argument was not accepted by the revenue authorities. In sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r book but not found physically at the time of survey, the same should have been considered as utilizer for purchasing goods which was found in excess of book stock and therefore, even in respect of excess book stock, extra income to be declared or added could have been reduced to the extent of short cash found. But it is seen that the assessee has declared total amount of excess stock found as additional income. Be that as it may but in our considered opinion, no addition is called for in respect of short cash found at the time of survey in the facts and circumstances of the present case and hence, we delete the same." 8. Thus, like in the above said case, the Revenue did not have any evidence to show that the short cash was utilized els ..... X X X X Extracts X X X X X X X X Extracts X X X X
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