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TMI Blog2021 (8) TMI 1096X X X X Extracts X X X X X X X X Extracts X X X X ..... the extent of ₹ 31,00,000/- was not relevant to the issue and such shortfall cannot be treated as income u/s 68 in the hands of the assessee firm by treating the same as unexplained cash credit. The issue was relating to the source of cash in hand as reflected in the balance sheet of the assessee as on 31.03.2015 and when the same was satisfactory explained by the assessee inter alia in the form of capital contribution by the partners of the assessee firm, it is of the view that the addition as made by the AO and confirmed by the Ld. CIT(A) u/s 68 is not sustainable. We delete the same and allow this appeal of the assessee. - I.T.A. No. 1048/Kol/2019 - - - Dated:- 25-8-2021 - Shri P.M.Jagtap, Vice President (KZ) For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee. He, therefore, treated the amounts of ₹ 2,69,013/- and ₹ 24,00,000/- as unexplained and addition of ₹ 26,69,013/- was made by him u/s 68 to the total income of the assessee in the assessment completed u/s 143(3) vide an order dated 18.12.2017. 3. Against the order passed by the AO u/s 143(3), an appeal was preferred by the assessee before the Ld. CIT(A) and after considering the submissions made on behalf of the assessee as well as the material available on record, the Ld. CIT(A) disposed of the appeal of the assessee vide paragraph no. 4.2 of his impugned order as under: I have considered the submission of the AR of the appellant in the backdrop of the assessment order. I find from the assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d confirmed the addition of ₹ 2,69,013/- made by the AO. Still aggrieved by the order of the Ld. CIT(A), the assessee has preferred this appeal before the Tribunal. 4. At the time of hearing fixed before the Tribunal, none has appeared on behalf of the assessee. There was a similar noncompliance on the part of the assessee when this appeal was fixed for hearings earlier on 05.05.2012 and 30.06.2021. This appeal of the assessee is therefore being disposed of ex-parte after hearing the arguments of the learned DR and perusing the relevant material available on record. It is noted that while explaining the cash in hand of ₹ 29,87,730/- as reflected in the balance sheet as on 31.03.2015, the main source as unexplained by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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