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2021 (8) TMI 808 - AT - Income TaxAssessment u/s 153A - search Conducted under section 132(A) - Addition u/s 68 - CIT-A holding that there cannot be any addition on the reasoning that there was no document of incriminating nature found during the search - HELD THAT:- We find that an excel sheet was found as a result of search containing the details of cash receipt and payment for the period from 2 April 2010 to 26 August 2010. The dates mention in the excel sheet in itself suggest pertaining to the financial 2010-11 corresponding to assessment year 2011-12. In other words, these documents, without going into the fact whether these represent incriminating materials or not, do not pertain to the year under consideration. Therefore, no inference can be drawn that the assessee has deposited unaccounted cash in its bank accounts without their being any adverse material on record pertaining to the year under consideration. There was no document found of incriminating nature with respect to the unsecured loan received by the assessee in the year under consideration indicating that the same represents as unexplained cash credit under section 68 of the Act. Accordingly in the absence of, any adverse material on record pertaining to the year under consideration, there cannot be any addition under section 68. We do not find any reason to interfere in the order of the CIT (A). Hence the ground of appeal of the Revenue is dismissed. As we have decided the issue in favour of the assessee on technical count, we do not find any reason to go into the merit of the case.
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