9911796707
TMI Blog2005 (4) TMI 253X X X X Extracts X X X X X X X X Extracts X X X X ..... Mohammed Abdul Rahim of the assessee on 6th Aug., 1993 by the police. On enquiry it was stated by the driver that the said cash belonged to the appellant. Due to this reason IT Department was informed so cash .was seized under s. 132A of IT Act. Before the police authorities the appellant has admitted that the money belonged to him and the said cash was in respect his wholesale mutton business. Names of ten persons stated to be relatives of the appellant were given in respect of sum of Rs. 5,20,000 and it was explained that the said cash was taken from them for the purpose of purchase of goats for them. List of such ten persons was given in the body of assessment order as follows: --------------------------------------- S.No. Nam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... convinced with their statements and affidavits and have recorded that all those persons were doing the retail business of mutton on small scale hence not in a position to advance the amount as stated by them. Out of the total cash seized the AO has taxed a sum of Rs. 5,20,000 as unexplained cash under s. 69A of IT Act in the hands of the assessee. This issue was carried before the first appellate authority who has again examined the factual aspect of the case. 3. Before the first appellate authority facts were again reiterated and he has considered the statements of all the persons respectively and thereafter granted the relief of Rs. 40,000. So the appellant is now before us in respect of the addition remained of Rs. 4,80,000. 4. Befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. Their statements have also revealed that independently they were having stalls in the market and doing retail business of mutton sale. They have been produced before the AO and their statements have also been recorded and in some of the cases affidavits have also been furnished. The addition was made merely on this ground that apart from their statements no other evidences such as books of account could be produced. The first appellate authority has also proceeded in the same direction however, he has held that it was reasonable to accept the available cash to the extent of Rs. 5,000 of 8 persons and to this extent held that the availability of cash was explainable. Once identity of those persons have been established and nothing was pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
