9911796707
TMI Blog2018 (2) TMI 2112X X X X Extracts X X X X X X X X Extracts X X X X ..... - AO noticed that there is a negative cash balance in the cash book of the assessee - HELD THAT:- During the course of search, when negative cash balance was confronted to the assessee, the partner explained that such negative balance was on account of payment made out of unaccounted income and the unaccounted income has been offered as part of overall disclosure. In our considered opinion when th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BER: 1. With this appeal, the Revenue has challenged the correctness of the order of the Ld. CIT(A)-I, Ahmedabad dated 14.11.2011 pertaining to A.Y. 2009-10. 2. The only grievance of the revenue is that the ld. CIT(A) erred in deleting the addition of Rs. 2,27,86,693/- made on account of peak of negative cash as undisclosed investments. 3. Briefly stated the facts of the case are that a search and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on and the utilization and accordingly offered undisclosed income of Rs. 282.91 lacs. 6. The contention of the assessee did not find any favour with the A.O. who completed the assessment proceedings by making addition of Rs. 2,27,86,693/- as further undisclosed investment. 7. Assessee carried the matter before the ld. CIT(A) and reiterated its claim. 8. After considering the facts and the submissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 20,64,250/- (iv)Jewellery Rs. 12,56,888/- Total Rs. 24056888/- 11. During the course of search, when negative cash balance of Rs. 2,27,86,693/- was confronted to the assessee, the partner explained that such negative balance was on account of payment made out of unaccounted income and the unaccounted income has been offered as part of overall disclosure. In our considered opinion when the asset ..... X X X X Extracts X X X X X X X X Extracts X X X X
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