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TMI Blog2024 (10) TMI 174X X X X Extracts X X X X X X X X Extracts X X X X ..... Swastik group in their application filed before the Hon ble ITSC and the said application has also been accepted by the Hon ble ITSC HELD THAT:- We find that the CIT(A) merely proceeded on the basis that the taxpayers before the Hon ble ITSC do not include the name of the assessee. Having considered the various details as noted above regarding the amount appearing in the loose sheets found during the search proceedings, we are of the considered view that since the amount has already been considered in the application filed before the Hon ble ITSC by the Swastik group and the disclosure of additional income and the application has been accepted by the Hon ble ITSC, the addition of the said amount of ₹ 21,65,000 in the hands of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ose papers found during the course of search proceedings at Swastik Group. 2. In doing so, he did not accept the fact that the cash dealing manifest from the loose papers were not related to the assessee but dealing of Swastik Group with Viva College and adverse inference was influenced by the assessee's account coming right after the papers relating to Viva College in the loose papers set. 3. In doing so, he did not accept the fact that the cash transactions appearing in the impugned seized papers had already been considered by the Swastik Group while filing their petition before the Settlement Commission. The Settlement Commission has since passed order accepting the petition filed by the Swastik Group where these amounts reflected in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cash payment of ₹ 21,65,000 to M/s Vrushi Enterprises during the year as per repayment of the loan taken in cash. The assessee was further asked to show cause as to why the aforesaid unaccounted cash should not be added to its income under section 69A of the Act. In the absence of any satisfactory response from the assessee that they have not entered into any such transaction, the Assessing Officer ( AO ) vide order dated 20/12/2017 passed under section 143(3) read with section 147 of the Act treated the unaccounted cash of ₹ 21,65,000 as unexplained money not recorded in the books of the assessee as its income and added the same to the total income of the assessee. 4. During the appellate proceedings before the learned CIT(A), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see explained that there is a cash flow statement prepared for the group as a whole. There is sufficient cash available with the partners for making payment. The taxpayer in his written submissions has stated that before the CIT(Appeals) cash flow statement was submitted. It is informed that no such Cash Flow statement was submitted before this office. Considering the facts of the case the amount of Rs 2165000 added under section 69A was upheld. There is another appeal filed in the same Ay against a section 263 order dt 29/5/2021. The taxpayer had requested for clubbing the same. It is replied that it is a separate appeal and will be taken up without delay, if it is enhancement of the same amount. Being aggrieved, the assessee is in appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Swastik group during the search proceedings, forming part of the paper book from pages 59-61, we find that the loose documents on which the assessee s name is mentioned are in respect of the transactions which were through the banking channel. In the present case, it is undisputed that these loose documents were found during the search proceedings on the Swastik group. As per the assessee, various entities of the Swastik group, except the assessee, filed an application before the Hon ble ITSC on 24/12/2019. In the proceedings before the Hon ble ITSC, these group entities declared additional income and furnished a detailed explanation regarding the various loose papers and documents including digital data found and seized during the sea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 21,65,000 for arriving at its taxable income while filing its application before the Hon ble ITSC. However, we find that the learned CIT(A) merely proceeded on the basis that the taxpayers before the Hon ble ITSC do not include the name of the assessee. Having considered the various details as noted above regarding the amount appearing in the loose sheets found during the search proceedings, we are of the considered view that since the amount of ₹ 21,65,000 has already been considered in the application filed before the Hon ble ITSC by the Swastik group and the disclosure of additional income and the application has been accepted by the Hon ble ITSC, the addition of the said amount of ₹ 21,65,000 in the hands of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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