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TMI Blog2022 (6) TMI 452X X X X Extracts X X X X X X X X Extracts X X X X ..... on the basis of documents/papers until and unless it is corroborated by the tangible materials. There can be numerous reasons for the difference in the cash balance as discussed above but that difference does not lead to draw any adverse inference against the assessee. For example, there was the advance received by the assessee in cash which was entered in the cash book but the same was not incorporated in the balance sheet. Such advance received cannot be categorized as income of the assessee. Likewise there can be receipt of money from the debtors which can again not be categorized as income of the assessee. We are not in agreement with the basis adopted by the authorities below to draw an inference that there was unaccounted income/u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mahavir Prasad, Judicial Member And Shri Waseem Ahmed, Accountant Member For the Appellant : Written Submission For the Respondent : Shri B.D. Gupta, Sr. D.R. ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER : The captioned appeals have been filed at the instance of the assessee against two different orders of the Learned Commissioner of Income Tax (Appeals)-3, Rajkot, dated 19.02.2018 16.02.2018 arising in the matter of assessment orders passed under Section 143(3) of the Income Tax Act, 1961 (here-in-after referred to as the Act ) relevant to the Assessment Years 2011-12. 2. The only interconnected issue raised by the assessee is that the learned CIT-A erred in confirming the addition made by the AO for ₹ 3, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on account of unexplained cash deposit in the bank account. It is needless to stay there is no force in the argument of the Ld. AR. I do not find any infirmity in the order of the assessing officer. The addition stands confirmed. 4. Being aggrieved by the order of the learned CIT-A, the assessee is in appeal before us. 5. The learned AR in the written submission stated that there was the opening cash balance of ₹ 1,93,755.00 which has not been reduced from the addition made by the authorities below. It was further stated in the written submission that the cash balance shown in the audited financial statement should be relied upon for the reason that it has been duly verified and attested by the qualified chartered accountant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cash book but the same was not incorporated in the balance sheet. Such advance received cannot be categorized as income of the assessee. Likewise there can be receipt of money from the debtors which can again not be categorized as income of the assessee. In nutshell, we are not in agreement with the basis adopted by the authorities below to draw an inference that there was unaccounted income/undisclosed income of the assessee until and unless it is based on some tangible materials. Accordingly, we set aside the finding of the learned CIT-A and direct the AO to delete the addition made by him. Hence the ground of appeal of the assessee is allowed. 9. In the result the appeal filed by the assessee is allowed. Coming to ITA 166/RJT/2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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