9911796707
TMI Blog2019 (3) TMI 1855X X X X Extracts X X X X X X X X Extracts X X X X ..... in this case, there is no dispute with regard to the fact that the assessee has been filing the income tax return along with the balance sheets, wherein source of income and cash has been disclosed and recorded. Hence in such a situation it is unfathomable as how provision of 69A can be invoked. The sole reason for disbelieving the assessee s explanation is that, firstly, no prudent person after withdrawing the cash will keep at home; and secondly, if there was an OD account having negative balance on which interest is being charged, then there was no need to keep such huge cash in hand at home. Such reasoning dehors any contrary material on record that the cash disclosed in the books of accounts has been invested somewhere else, then on m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lier, is unexplained. - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... thing is in cash. The assessee also filed statement of affairs for the last three years and cash flow chart. The details of computation of cash in hand in the case of Shri Nand Kumar Taneja were given as under:- F.Y Opening cash Cash withdrawal Cash deposited Cash expenditures Closing cash in hand Increase in cash in hand 2013-14 1023735 3251000 2995000 I365946 913789 -109946 2014-15 913789 4764000 1332000 960000 3385789 +2472000 2015-16 3385789 3824537 766000 213000 6231326 +2845537 3.1 Similarly in the case of Smt. Nita Taneja, cash in hand position was given as under :- F.Y Opening cash Cash withdrawal Cash deposited Cash expenditures Closing cash in hand Increase in c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cash deposit and has failed to explain the reason why such a huge interest in the OD account has been paid when large amount of cash in hand was available. Further, assessee failed to substantive the cash withdrawal from the bank account and cash in hand. On this ground he has confirmed the said additions. 5. After hearing both the parties and on perusal of the reasoning given in the impugned order as well as material referred to before me at the time of hearing, I find that entire addition has been made on account of disbelieving the cash-in-hand recorded in books of accounts u/s 69A. The deeming fiction u/s 69A can be invoked, where in any financial year assessee is found to be the owner of any money, bullion, jewellery or other valuabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e balance on which interest is being charged, then there was no need to keep such huge cash in hand at home. Such reasoning dehors any contrary material on record that the cash disclosed in the books of accounts has been invested somewhere else, then on mere surmise assessee's explanation cannot be discarded. If assessees have genuine sources of income which are received through banking channels, out of which cash has been withdrawn and have been disclosed in the income tax return and in the balance sheet as cash-in-hand, then I am unable to apprehend how the provision of section 69A is applicable. Because the section can only be invoked where in any financial year the assessee is found to be the owner of any money, etc., which has not been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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