9911796707
TMI Blog2024 (2) TMI 886X X X X Extracts X X X X X X X X Extracts X X X X ..... : Shri Mukesh Kumar Jha, CIT DR ORDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.1958/Del/2023 for AY 2019-20, arises out of the order of the ld. Commissioner of Income Tax (Appeals)-23, New Delhi [hereinafter referred to as "ld. CIT(A)", in short] in Appeal No. CIT(A), Delhi-23/10529/2018-19 dated 10.05.2023 against the order of assessment passed u/s 143(3) of the Income-tax Act, 1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o Rs. 21,26,180/- was found out of which cash amounting to Rs. 13 lakhs was seized from the premises. The assessee was requested to provide explanation of source of cash found with the supporting documents. The assessee in response to the query stated that company's Kolkata office had transferred cash of Rs. 13 lakhs to company's Gurgaon office in the form of inter branch transfer. In fact during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. This action of the ld AO was upheld by the ld CIT(A) on the ground that the assessee was not able to explain either during the course of search or during the course of assessment proceedings as to how the cash had actually travelled from Kolkata to Gurgaon and who carried the same. 4. We find that the assessee had duly furnished the cash reconciliation statement before the lower authorities as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laneous petty expenses (2,778) Cash found during search which is substantiated from the statement of Nihal Batra 21,26,180 5. The assessee right from the time of search had given impromptu statement that cash balance of the assessee company as a whole remains the same after the inter branch transfer of cash of Rs 13 lakhs from Kolkata to Gurgaon. Further, we find that from pages 206 to 241 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ranches. Either way, the company as a whole did have sufficient cash balance to explain the seized cash of Rs. 13 lakhs on 29.05.2018. We find that there was no negative cash balance on any given day during the year. Admittedly, the cash book submitted by the assessee has not been rejected by the revenue. Hence, there is absolutely no case for the revenue to treat the cash seized of Rs. 13 lakhs a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
