9911796707
TMI Blog2024 (2) TMI 886X X X X Extracts X X X X X X X X Extracts X X X X ..... been rejected by the revenue. Hence, there is absolutely no case for the revenue to treat the cash seized as unexplained money warranting addition u/s 69A of the Act. accordingly, the grounds raised by the assessee are allowed. - Shri Amit Shukla, Judicial Member And Shri M. Balaganesh, Accountant Member For the Assessee : Shri Ved Jain, Adv, Ms. Supriya Mehta, CA For the Revenue : 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er from Kolkata Office in the month of February or March 2018 and the said cash was handed over to him by Mr. Suresh Chander Kumar. He also stated that he was not aware as to who brought cash from Kolkata and how the same was transported from Kolkata to Gurgaon. The ld AO however while framing the assessment for the year under consideration did not heed to the contention of the assessee and proceeded to treat the seized cash of Rs. 13 lakhs as unexplained money u/s 69A read with Section 115BBE of the Act and added the same to the total income of the assessee. 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 proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 of the Paper Book containing the extract of the cash book of Kolkata Branch that a sum of Rs. 24,14,872.24 was available as cash balance as on 28.05.2018 with Kolkata Branch of the assessee, and that the cash transferred of Rs. 13 lakhs was duly entered in the books of Kolkata Branch on 02.06.2018 which is evident from pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
