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2019 (3) TMI 463 - AT - Income TaxUnaccounted cash in hand - search proceedings - HELD THAT:- Assessee have successfully demonstrated with the help of the statement given during the course of search about this relation with these persons, source and bifurcation of cash belonging to these persons and their confirmation letters that sum of ₹ 95,000/- (Rs.30,000 + ₹ 50,000 + ₹ 15,000) belonged to these persons and not to the assessee. As regards the sum claimed to be owned by the assessee’s wife Smt. Vandana Sharma, revenue failed to rebut the contentions of the Ld. Counsel for the assessee that in the case of Smt. Vandana Sharma the Ld.A.O has accepted the cash flow and cash in hand at ₹ 1,52,144/- on the date of search and in such circumstances addition in the hands of the assessee as unexplained cash is devoid of any merits and is uncalled for. As regards the remaining sum of ₹ 3,17,000/- is concerned the assessee has filed the cash flow statement. No defect have been appointed out by the lower authorities in the cash flow statement. It is also brought to the notice that assessee has withdrawn ₹ 7 lakhs from his savings bank account held with State Bank of India on 30.04.2009. CIT(A) has also appreciated this fact in his findings. In this given facts and circumstances of the case, in our considered view cash in hand at ₹ 3,17,000/- also stands explained by view of cash flow statement filed by the assessee. In the result order of CIT(A) deserves to be set aside and the addition of ₹ 5,62,000/- for unaccounted cash in hand needs to be deleted. - Decided in favour of assessee.
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