9911796707
TMI Blog2021 (7) TMI 1251X X X X Extracts X X X X X X X X Extracts X X X X ..... or short). The subject matter of the appeal pertains to the Assessment year 2010-11. The appeal was admitted by a bench of this Court on the following substantial questions of law: (i) Whether the tribunal is justified in law in confirming the addition of Rs. 56,32,161/- on account of peak cash deficit worked out by the revenue authorities without considering the actual cash balance as per the books of account on the date of search when the same books of account was part of the seized material and the same was also not rejected and s in fact relied upon the income tax authorities and consequently gave a perverse finding on the facts and circumstances of the case? (ii) Whether the assessment proceedings under Section 153A of the Act are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act was issued. The assessee filed a reply by which Assessing Officer was requested to treat the return filed on 20.09.2010 as return in response to the notice under Section 153A of the Act. The Assessing Officer passed an order under Section 143(3) read with Section 153A of the Act on 26.12.2011 and made an addition of Rs. 55,54,521/-, same being peak cash deficit in the cash book. 3. The assessee thereupon filed an appeal before the Commissioner of Income Tax (Appeals) who by an order dated 25.09.2013 dismissed the appeal and enhanced the addition to Rs. 56,32,132/-. The assessee thereupon filed an appeal before the tribunal. The tribunal by an order dated 08.05.2015 has dismissed the appeal. In the aforesaid factual background, this ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unts belong to him, the contents of books of accounts are true and signature in parts of books of accounts, documents which purport to the handwriting of any particular person are in handwriting of that person. It is submitted that there is no presumption in law that what has not been found does not exist. It is also pointed out that cash on hand is not an incriminating material as the same was not found in books of accounts and there is no material on record to indicate the incriminating material, which was relied to make addition. It is also urged that books of accounts have not been rejected by the Assessing Officer. It is further submitted that assessee does not intend to raise any contention with regard to validity of the proceeding un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explanation and in his statement admitted that cash balance of Rs. 45,40,000/- was seized from his residence and was available at his residence. The assessee was unable to explain the cash difference to the extent of Rs. 1,06,26,309/- and could not explain where the balance case of Rs. 1,06,26,309/- was kept. The Assessing Officer therefore, assessed the peak cash deficit in the cash book at Rs. 55,54,521/- and assessed the aforesaid amount to tax for 2010-11. The said order was affirmed in appeal by the Commissioner of Income Tax (Appeals) and it was held that the cash shown by the assessee in his books is not the real figure. The tribunal has held that despite opportunity being afforded to the assessee, the assessee did not explain the di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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