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TMI Blog2024 (8) TMI 1360X X X X Extracts X X X X X X X X Extracts X X X X ..... ly on the ground that generally individuals do not maintain cash book and it is not mandatory to maintain cash book for the individual . CIT(A) without any basis observed that the cash book was created to explain the unaccounted cash found and seized during the course of the search. CIT(A) treated that the amount as explained on the estimated basis and confirmed the rest of the addition - In our considered opinion, the findings given by the CIT(A) on the cash book is baseless and perverse. Assessee having been produced the cash book and explained the cash found during the search and seizure operation contending that the cash found during the search are belongs to family members and considering the fact that even the Panchnama drawn during t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the grounds of appeal at any stage and all the grounds are without prejudice to each other." 2. The brief facts of the case are that, a search and seizure action u/s 132 of the Income Tax Act, 1961 ('Act' for short) was carried out in the 'SMC Group' of cases on 21/11/2017 in Financial Year 2017-18. A search warrant of authorization u/s 132 of the Act was issued and the search in the case was initiated on 21/11/2017. The assessee furnished original return of income filed u/s 139(1) of the Act before the AO decaling total income of Rs. 3,18,43,450/-, the same was processed u/s 143(1) of the Act as the search was initiated in the case of the assessee. The case was picked up for 'compulsory scrutiny' and notice under section 143(2) of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as been made with the erroneous findings without considering the cash book produced by the assessee and other details. Therefore, submitted that the order of the Ld. CIT(A) confirming the assessment order is bad in law. 5. Per contra, the Ld. DR submitted that the cash book produced by the assessee is an afterthought and maintaining of cash book is not mandatory for the individual, therefore, the assessee cannot rely on such document. Ld. DR relying on the findings and conclusion of the lower authorities sought for dismissal of the appeal. 6. We have heard the parties and perused the materials on record. It is not in disputed that during the course of search and seizure operation, cash of Rs. 14,18,100/- was found at B-42, G.K. Part-1, Ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has not even doubted that the names reflected in the cash book are not the family members of the assessee or who are not residing under the same roof. Further, the Ld. CIT(A) has disbelieved the cash book only on the ground that 'generally individuals do not maintain cash book and it is not mandatory to maintain cash book for the individual'. The Ld. CIT(A) without any basis observed that the cash book was created to explain the unaccounted cash found and seized during the course of the search. But the Ld. CIT(A) treated that the amount of Rs. 3,50,000/- as explained on the estimated basis and confirmed the rest of the addition of Rs. 10,68,100/-. In our considered opinion, the findings given by the CIT(A) on the cash book is baseless and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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