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TMI Blog2021 (7) TMI 1251X X X X Extracts X X X X X X X X Extracts X X X X ..... and cash book was updated only upto 30.09.2009. The cash balance as per the cash book on the date of search i.e., 09.1.2009 reflects the cash balance of ₹ 1,51,66,209/-. The assessee was asked to explain the cash difference. The assessee was unable to offer any explanation and in his statement admitted that cash balance of ₹ 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 ₹ 1,06,26,309/- and could not explain where the balance case of ₹ 1,06,26,309/- was kept. The Assessing Officer therefore, assessed the peak cash deficit in the cash book at ₹ 55,54,521/- and assessed the aforesaid amount to tax for 2010-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961 (hereinafter referred to as the Act for short) has been preferred by the assessee against the order dated 08.05.2015 passed by the Income Tax Appellate Tribunal (hereinafter referred to as 'the tribunal' for 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 ₹ 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee under Section 131 of the Act was recorded on 27.10.2010. The assessee filed return of income for the Assessment Year 2010-11 on 20.09.2010 and declared total income of ₹ 79,443/-. Thereafter notice under Section 153A of the 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 ₹ 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce neither falls under Section 68 nor under Section 69 of the Act. It is also submitted that there is a presumption about the books of accounts, which may be found in possession of control of any person during the course of search that such books of accounts 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 incriminatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ok was updated only upto 30.09.2009. The cash balance as per the cash book on the date of search i.e., 09.1.2009 reflects the cash balance of ₹ 1,51,66,209/-. The assessee was asked to explain the cash difference of ₹ 1,06,26,309/-. The assessee was unable to offer any explanation and in his statement admitted that cash balance of ₹ 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 ₹ 1,06,26,309/- and could not explain where the balance case of ₹ 1,06,26,309/- was kept. The Assessing Officer therefore, assessed the peak cash deficit in the cash book at ₹ 55,54,521/- and assessed the aforesaid amount to tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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