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2018 (9) TMI 1992 - AT - Income TaxUnexplained cash credit being peak negative cash balance found during the course of survey - HELD THAT:- Since the books of accounts were accepted by the tax authorities with no defects or deficiency therein, the order of CIT(A) is wrong and should not be accepted. We fail to understand that as to how addition on account of negative cash balance could be sustained by the CIT(A) when the books of accounts were accepted in which no defect or deficiency was pointed out during the assessment proceedings. We are of the view that the assessee has a very strong case in its favour and the order of Ld CIT(A) can not be sustained. We, therefore, set aside the order of CIT(A) and direct the AO to delete the addition as there is no unexplained cash in the books of accounts of the assessee. Appeal of the assessee is allowed.
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