9911796707
TMI Blog2024 (6) TMI 532X X X X Extracts X X X X X X X X Extracts X X X X ..... . 4,82,275/- having been accumulated/received from relatives on various occasions as well as by the family members of the assessee which the assessee has recorded in his books of account. Commissioner not only failed to consider the balance sheet and cash book submitted by the assessee but in fact held contrary that the assessee has not been able to furnish any documentary evidence qua his claims regarding the cash found and therefore on this count itself, the impugned order is liable to be set aside. We otherwise also do not find any reason or material on record contrary to the claim of the assessee and to affirm the addition. Hence, considering the peculiar facts and circumstances specific to the effects that the assessee has been able to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the premises of the assessee gold jewellery totaling to 100 grams, silver jewellery of 20 grams, silver coins of 30 grams and cash amount of Rs. 4,82,275/- were found. In the statement recorded, the assessee stated that he would produce the relevant bills of jewellery items but failed and therefore the assessee was show caused as to why the said cash and value of jewellery should not be treated as undisclosed income of the assessee for the year in which search had taken place. The assessee, in response to the show cause vide letter dated 29.04.2021, contended that cash was received/accumulated on various occasions, whereas during the search action the assessee had explained that said cash sum of Rs. 4,82,275/- belonged to himself, his wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of hearing drew our attention to the page 8 of the impugned order wherein the Ld. Commissioner reproduced the written submissions of the assessee wherein para-no.1.4 it has been categorically recorded as under: That to substantiate the same, a copy of the balance sheet and cash book were submitted before the AO and are hereby enclosed at page No.32 of the paper book which clearly shows that a balance of Rs. 4,00,792/- was also recorded in the regular books of account. As regards, to a marginal difference of Rs. 81,483/- it is submitted that the same is out of savings in the course of meeting household expenses and on various instances cash gifts were received by the family members on the occasion of festivals, engagement, marriage, anniv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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