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2021 (5) TMI 77 - AT - Income TaxInvocation of provisions of section 153A - HELD THAT:- A Search was conducted in case of the appellant on 05.07.2017. The appellant filed original Return of Income on 06.02.2018 returning income of ₹ 31,52,080/- Notice u/s.153A was issued on 19.02.2018 and Return of Income in response to notice u/s 153A was filed on 25.09.2018 admitting income. The appellant included additional income admitted during the course of Search. Since this is not a concluded assessment, the contentions raised by the appellant as to 'absence of incriminating material' are not relevant to facts of the case. Accordingly, the grounds raised is rejected. Admission additional income u/s 132(4) - HELD THAT:- We are of the view that only real income should be brought to tax. Once the income has not accrued to the assessee, no tax can be charged on the notional income. We are of the view that there is no basis for addition as there was no separate declaration in detail i.e., year-wise, head-wise, group concern-wise and quantities etc. during the course of search and seizure operation, which forms the basis for making addition. From the statements of the assessee as quoted above, there is no real income accrued in the hands of the assessee. Therefore, we set aside the order of the CIT(A) and allow the grounds raised by the assessee on this issue. Unexplained cash deposits u/s 68 - HELD THAT:- As observed that while examining the books of account produced before us i.e. copy of ledger and the cash book, we find that the assessee has sufficient cash balances, which has not been rejected by the lower authorities and also on the date of deposit of the cash into bank, there was sufficient cash balance available, therefore the explanation of the assessee was accepted on this issue. Accordingly, we uphold the order of the CIT(A) in deleting the addition made by the AO towards unexplained cash deposits u/s 68 of the Act and dismiss the Cross objections raised by the revenue on this issue.
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