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2019 (10) TMI 139 - AT - Income TaxRectification u/s 254 - finding of the Tribunal that the assessee could not establish the live link between the withdrawals from bank and cash found at the time of search is erroneous finding of fact - HELD THAT:- Since the assessee had drawn our attention to the findings of the revenue officers that the cash balances withdrawn from the bank were sufficient to explain the cash found in the hands of Shri KRV Uday Charan Rao and Shri Premsagar Rao, but was disallowed only for the reason that the assessee failed to establish the cash found with the source, we deem it fit and proper to modify the last 5 lines of para 12 of ITAT order. The following sentences shall be substituted: “Since both the AO and the CIT(A) have verified the cash and bank statements and have come to the conclusion that the assessee could not explain the sources for the cash found at the time of search, and even before us, the assessee could not establish the live link, we see no reason to interfere with the order of the CIT(A). Thus, ground no.4 raised by the assessee company is accordingly rejected.” by the following lines: “Since both the AO and CIT(A) have made the addition on the ground that the assessee could not establish the live link, we are of the opinion that if the assessee is able to satisfy that there were sufficient bank withdrawals to explain the funds in their hands, no addition can be made. Therefore, we deem it fit and proper to remand this issue to the file of the AO for reverification of the issue.”
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