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2019 (1) TMI 1006 - AT - Income TaxUnexplained cash in hand - acceptance of books of accounts including the cash books - Held that:- The assessee maintained regular books of account which were produced before the AO and no defect was pointed out in those books. Assessee also furnished the quantitative tally and copy of the bill no. 395 dated 27.12.2011 showing the cash sale amounting to ₹ 3,44,006/-. The sale value arising out of the aforesaid bill was entered in the cash book The assessee explained that the cash found by the police was out of the cash in hand, said explanation of the assessee was not doubted, however, the addition has been made only for the cash sale bill. In our opinion, when the books of accounts including the cash books were accepted by the AO. There was no occasion to doubt the cash sale of the excisable goods particularly when the assessee furnished all the relevant documents relating to the sale vide Bill No. 395. We, therefore, considering the totality of the facts delete the impugned addition made by the AO and sustained by the learned CIT(A) Penalty u/s 271(1)(c) - Held that:- Since the addition sustained by the learned CIT(A) has been deleted in the former part of this order while deciding the appeal of the assessee therefore, the impugned penalty is also directed to be deleted. - Appeals of the assessee are allowed.
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