Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 901 - AT - Income TaxCash and jewellery found at the time of search and seizure operation U/s 132 - cash found as unaccounted or unexplained or undisclosed - Held that:- We find that the cash found at the time of search and seizure operation U/s 132 of IT Act from the premises of the Assessee was less than the cash in hand as per books of account. We further find that the jewellery found from the Assessee’s premises was less than jewellery valued as per Wealth Tax Records of various persons. Impugned Order of the CIT(A) wherein he deleted the aforesaid additions of ₹ 9,75,000/- and ₹ 1,09,72,957/-, needs no interference. The cash found, amounting to ₹ 9,75,000/-, being less than cash balance as per books of account; is fully explained by cash balance as per books of account. The AO erred in making addition of the aforesaid amount without any reasoning and in the absence of any evidence to show that the cash found was unaccounted or unexplained or undisclosed. Similarly, the jewellery found from the premises of the Assessee is also fully explained by Wealth Tax Records of various persons. The AO erred in making the addition of the aforesaid amount without proper reasoning, and in the absence of any evidence to show that the jewellery found was unaccounted or unexplained or undisclosed. AO had no basis to make the additions, when the cash found was explained by cash balance as per books of account and when the jewellery found was fully explained by jewellery disclosed in Wealth Tax Records of various persons. There is no material to warrant any interference by us with the impugned Order of the Ld. CIT(A). The order of the Ld. CIT(A) is sound in law. - Decided in favour of assessee
|