9911796707
TMI Blog2024 (4) TMI 351X X X X Extracts X X X X X X X X Extracts X X X X ..... of cash in hand (liquidity) with the assessee during the year under consideration, the same as per our aforesaid deliberations can safely be estimated at Rs. 6,58,443/- [Rs. 4,58,443/- (+) Rs. 2 lac] thus, in terms of my aforesaid observations, scale down the addition sustained by the CIT(Appeals) to an amount of Rs. 8,41,557/- [ Rs. 15 lacs (-) Rs. 6,58,443/-] and modify the order of the CIT(Appeals) accordingly. Appeal of the assessee is partly allowed X X X X Extracts X X X X X X X X Extracts X X X X ..... ccordingly, the claim of the assessee of having Rs. 15 lacs as cash in hand was rejected by the A.O. 3. Observing, that the assessee in his statement recorded u/s. 131 of the Act, on being queried about the availability of liquid cash in A.Y. 2002-03 to A.Y. 2017-18, had stated that during a single year, the availability of cash with him was not more than Rs. 1 lacs, the A.O worked out the availability of cash (liquidity) with him during the subject year at Rs. 4,48,050/-, as under: F.Y. Gross total income Expenses ( as replied to Query No.14) + Education fees Availability of ash (liquidity) ( as relied to Query No.12) 2013-14 1,00,000/- 2014-15 6,70,640/- 4,80,000 1,00,000 + 1,90,640/- = Rs. 2,90,640/- 2015-16 6,47,640 5,40,000 2,90,640 + 1,07,640 = Rs. 3,98,280/- 2016-17 6,49,770 6,00,000 3,98,280 + 49,770= Rs. 4,48,050/- Total 4,48,050/- Accordingly, the A.O based on his aforesaid observations, after allowing the availability of cash in hand of Rs. 4,48,050/- (supra) with the assessee made an addition of the balance amount of Rs. 10,51,950/- by treating the same as his unexplained money u/s. 69A of the Act. 4. Aggrieved the assessee carried the matter in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under consideration. therefore, the provisions of section 44AB of the Act is not applicable. The statement of the assessee was also recorded to analyze the sources of cash deposits. During the recording of his statement, the appellant categorically admitted some of the clinching facts which were noticed and summarized by the AO as under: a. The assessee has categorically pointed out about his monthly expenses (Personal Expenses) from F.Y. 2002-03 to F.Y. 2017-18. b. The assessee has categorically admitted that he had not more than Rs. 1 Lac liquidity in any single year and that year single year must have been after F.Y. 2012-13. c. In respect of agricultural income, the assessee was unable to produce any evidences. Further, as the appellant utterly failed to adduce any evidences which could have corroborated his availability of cash for more than Rs. 4,48,050/- during the preceding years. Hence, the balance amount of Rs. 10,51,950/- was added on account of unexplained money u/s 69A of the Act. 7.4.2 In relation to ground number 1 & 2, the appellant made submission on 08.08.2023 regarding addition of Rs. 10,51,950/- on account of unexplained money u/s 69A of the Act, rele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ground No. 5 is general in nature; hence do not need any independent adjudication. 7.8 Appellant's submissions alongwith assessment order and records have been considered carefully. However, during the entire course of appeal proceedings while explaining cash deposits, the appellant has failed to controvert AO's contention. In-spite of opportunity given to the appellant, the appellant has failed to discharge the onus of providing justifications regarding cash deposit. I find no reason to interfere in the assessment order passed by the AO. The addition of Rs. 10,51,950/- made by the AO u/s. 69 of the Act, is therefore, confirmed. The Appeal is dismissed. 7.9 The matter has been considered. The assessment order u/s 143(3) of the Act has been carefully examined. Considering the facts of the case and submission of the appellant, the AO was right in making addition of Rs. 10,51,950/- on account of unexplained money u/s 69A of the Act. 8. In the result, appeal of the appellant is dismissed." 5. The assessee being aggrieved with the order of the CIT(Appeals) has carried the matter in appeal. 6. I have heard the Ld. Authorized Representatives of both the parties, perus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f fact borne from the record that the A.O while computing the availability of cash (liquidity) with the assessee during the year under consideration had considered his 'net income' for the respective years, i.e. A.Y. 2015- 16 to A.Y. 2017-18. Although, it is stated by the Ld. AR that the expenditure referred to by the A.O. in the aforementioned "chart" included the amounts that were paid by the assessee towards LIC premium, tuition fees, and other allowances claimed as deduction u/s. 80C of the Act, but I am unable to fully concur with the same. As observed by the A.O., the reply of the assessee to Query No.12 was in the context of his personal expenses. At this stage, it would be relevant to point out that the assessee was independently queried by the A.O. about the expenses incurred on the education of his children vide Query No.11 of the statement recorded u/s. 131 of the Act. Considering the aforesaid facts, the contention of the Ld. AR that details furnished by the assessee as regards the monthly/annual expenditure in his reply to Query No.12 can though be accepted concerning the LIC premium payments and amounts paid regarding the other allowances claimed as deduction by him u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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