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TMI Blog2025 (4) TMI 1614X X X X Extracts X X X X X X X X Extracts X X X X ..... TA No. 82/Chd/2024. 2. This appeal by the assessee is directed against the order of the Ld. CIT(A)- 3, Gurgaon dt. 21/12/2023 for the assessment year 2019-20. The ground raised by the assessee are as under: 1. Grounds of Appeal 1.1 The assessee has raised multiple grounds of appeal contesting the action of the learned CIT(A) in confirming the addition of Rs. 4,75,000/- made under Section 69A of the Income-tax Act, 1961, pertaining to cash found during search operations. 1.2 In essence, the grounds revolve around: * Improper appreciation of facts, * Non-consideration of disclosures made before the Hon'ble Settlement Commission, * Erroneous attribution of unexplained cash to the assessee, resulting in double taxation. 3. Briefly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9,50,000/-) was unexplained money belonging to the assessee. Accordingly, an addition of Rs. 4,75,000/- was made under Section 69A of the Act, and the total assessed income of the assessee was determined at Rs. 30,55,390/- 4. Feeling aggrieved by the order, the assessee preferred the appeal before the Ld. CIT(A), however the Ld. CIT(A) had dismissed the appeal of the assessee by giving the following reasons : "It was held that the assessee failed to conclusively prove that the cash belonged to GTIPL and that the mere assertion without supportive documents could not be accepted. The CIT(A) also noted that no final order from the Hon'ble Settlement Commission had been placed on record demonstrating that the specific cash found was acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was mentioned against the Director, and on the basis of the said amount, the financials of the company were prepared. The Ld. AR also referred to page 35 of the paper book to submit that for the A.Y. 2019- 20, the said company had offered net income of Rs. 81,57,430/-, which matched with the figures reflected at page 38 of the paper book. 6.1 The Ld. AR further submitted that the order of the Hon'ble Settlement Commission (at page 40 of the paper book) had duly considered the above cash seizure in its settlement. 6.2 It was further contended that in the Rule 9A report submitted to the Settlement Commission, the assessee had provided a detailed cash flow statement, and the said facts could be verified from page 227 of the paper book. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lement reached before the Hon'ble Settlement Commission is final and binding and cannot be reopened or challenged in any other proceedings. Therefore, once the amount of Rs. 7,00,000/- has been considered as part of the undisclosed income of GTIPL in the settlement proceedings, the same cannot be taxed again in the hands of the assessee. 8.3 In view of the foregoing, no addition can be sustained in the hands of the assessee. Accordingly, the addition made in the hands of the assessee is deleted and the appeal of the assessee stands allowed. ITA No. 111/Chd/2024 9. Both the parties fairly submitted that the facts and circumstances of this appeal is exactly identical to the Appeal in ITA No. 82/Chd/2024 and similar contentions raised t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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