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TMI Blog2022 (2) TMI 684X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the hands of Shri Jagdish Ahuja is considered on the receipt side, there would be no negative cash balance at all in the parallel books of accounts maintained for the whole group. Assessee submitted various details of additions made on account of net on-money in the case of various group entities of the Ahuja group for A.Y.2014-15 and also on account of inflation of expenses and other income. These facts clearly go to prove that there is lot of force in the submission of the ld. AR that there was absolutely no negative cash balance in the parallel books of accounts maintained in the Tally package. Hence, we hold that there is absolutely no infirmity in the order of order of the ld. CIT(A) granting relief to the assessee as there is no negative cash balance in the parallel books of accounts maintained for the whole Ahuja group which is the primary basis for making an addition per se. Grounds raised by the Revenue are dismissed. - ITA No.976/Mum/2020 (Assessment Year :2014-15) - - - Dated:- 29-11-2021 - SHRI M.BALAGANESH, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER Revenue by: Shri Sanjeev Kashyap Assessee by: Shri Vijay Mehta ORDER PE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PRASADAM 2015-16 25,91,94,000/- PRASADAM 2016-17 1,64,800/- Total 66,00,93,401/- 3.1. The details of on money received and returned year wise as found in the parallel books of accounts are as under:- Asst. Year On Money Received On Money Reversal Net On Money 2012-13 29,00,001/- Nil 29,00,001/- 2013-14 33,10,34,600/- 15,25,37,725/- 17,84,96,875/- 2014-15 6,68,00,000/- 30,51,89,900/- (23,83,89,900)/- 2015-16 25,91,94,000/- 22,60,94,000/- 3,31,00,000/- 2016-17 1,64,800/- 1,64,800/- Total 66,00, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee also sought to explain that on-money receipts from various customers are shown as receipts in the parallel books of accounts and out of the same, some customers deals are not materialised and hence, part of the on-money receipts or whole of them had to be returned back to the customers. This return of on-money has been shown as on-money reversals in the cash book maintained in Tally. The assessee also submitted that one more aspect of reversal is due to erroneous manner of recording receipts of on-money. In order to to keep a track of total on-money received from a customer, whenever second or subsequent instalment of on-money is received, the assessee would re-enter aggregate amount as amounts received and the earlier amounts received is treated as reversal. For example, if a person had on day 1 given ₹ 10 lakhs as on-money which would be recorded as on-money received on day one in Tally. When on day 5, he pays a further sum of ₹ 5 lakhs, since Shri Jagdish Ahuja being not properly trained in accounting entries, instead of recording the receipt of ₹ 5 lakhs, he would record that a sum of ₹ 15 lakhs was received ( 10 + 5) and a sum of ₹ 10 lakh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on-money receipt was mainly out of cash loans taken which was already separately assessed in the hands of Shri Jagdish Ahuja by the order of the Hon ble Tax Settlement Commission wherein total amount of ₹ 26 Crores on peak basis was added. Thus, it is pointed out that source for excess refund of cash outgoings were properly explained. The assessee also furnished the relevant period cash book of parallel books of account to show that excess refund is out of cash loans taken. 3.5. The ld. CIT(A) examined the details and duly appreciated the contentions of the assessee and deleted the addition made on account of unexplained cash of ₹ 5,69,93,024/-. Aggrieved, the Revenue is in appeal before us. 3.6. It is not in dispute that parallel books of accounts containing on-money receipts, on-money reversals, cash loans taken by the assessee, cash loans repaid, interest paid in cash for such cash loans and expenses incurred in cash were duly reflected in the parallel books of accounts maintained in Tally accounting software package. It is not in dispute that the transactions reflected in the aforesaid parallel books of accounts were pertaining to the whole Ahuja group. This f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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