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TMI Blog2022 (2) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Plant of which the assessee is proprietor and since the assessee before me has explained the availability of cash in hand as on 31.03.2016 therefore, set aside the order of the Ld. CIT(A) and direct the A.O. to deletion of the addition. Grounds raised by the assessee are accordingly allowed. - ITA.No.731/Del./2020 - - - Dated:- 31-1-2022 - Shri R.K. Panda, Accountant Member For the Assessee : Shri Rajiv Saxena, Advocate For the Revenue : Shri Om Prakash, Sr. D.R. ORDER This appeal filed by the Assessee is directed against the Order dated 27.11.2019 of the Ld. CIT(A)-12, New Delhi, relating to the A.Y. 2016-2017. 2. Although a number of grounds have been raised by the assessee, however, these all relateto the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . CIT(A) in sustaining the addition, the assessee preferred the present appeal before the Tribunal, by raising the following grounds: 1. The learned CIT (A) has grossly erred both in law and on facts in confirming the order of assessment passed u/s 143(3) of the Income Tax Act ( Act ) on 18.12.2018 determining the income of the appellant of ₹ 30,41,120/- as against the income returned of ₹ 5,00,250/-. 2. The learned CIT (A) has grossly erred both in law and on facts in confirming the addition u/s 68 of the Act of ₹ 25,40.867/- being cash in hand. 3. The Learned CIT (A) has grossly erred both in law and on facts in treating cash in hand as the income of the appellant. 4. The learned CIT (A) has grossly e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply water to the water trolleys who are selling water in glasses. He submitted that the assessee is running two proprietorship concerns, namely, M/s Eagle Water Cooling plant M/s Arun Kapoor Water Cooling Plant. The sale of water is used to be in cash and the assessee being a handicapped person keeps cash in hand to meet any uneventuality. He submitted that in the balance sheet of M/s. Arun Kapoor Water Cooling Plant. Assessee has declared cash of ₹ 6,76,244.55 as on 31.03.2015 which is evident from Page-42 of PB. He submitted that apart from this proprietorship concern, in the balance sheet for another proprietorship concern M/s Eagle Water Cooling Plant, assessee has declared cash and bank balances of ₹ 12,28,609.81, which i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the total transactions entered into by the assessee is ₹ 11,90,000/- during the period and assessee could not justify such huge cash in hand as on 31.03.2016. It is the submission of the Learned Counsel for the Assessee that assessee has shown cash in hand of ₹ 12,25,785.41 as on 31.03.2015 in the proprietorship concern of M/s. Eagle Water Cooling Plant. Similarly, he has shown cash in hand of ₹ 6,76,244.55 in the case of M/s. Arun Kapoor Water Cooling Plant as on 31.03.2015 and, therefore, the finding of the A.O. that assessee has shown NIL cash in hand as on 31.03.2015 is absolutely wrong. 7.1. I find some force in the above arguments of the Learned Counsel for the Assessee. I find from the paper book that assessee du ..... X X X X Extracts X X X X X X X X Extracts X X X X
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