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2022 (9) TMI 74 - AT - Income TaxAddition u/s 69A - unexplained money on account of cash found at the residence and from the bank lockers of the appellant during the course of search action u/s 132 - HELD THAT:- The provisions of section 132(4) and 132(4A) of the Act has to be read with other circumstantial situations and submissions of the assessee. The statute casts an obligation on the assessee to prove otherwise. As reproduced above in para-7, the amount of cash found at assessee’s residence and locker has already been disclosed and considered in the cash flow statement of the company as opening balance in the name of assessee, same cannot be added back to the income of the assessee/appellant. The cash flow statement which has been produced by the company and relied upon by the Department has a very specific reference of the amount found at the residence and locker of the assessee. Ignoring this fact will tantamount to double addition of the same amount. A document has to be relied upon in to-to and piece meal reference is not permissible. If cash flow statement has been accepted in its totality by the Department in the case of company, no addition in the hands of assessee can be made. Statement made under section 132 and cash found [with reference to section 132(4A)] certainly make assessee rival for taxation but this liability of assessee has to be evaluated with other circumstantial evidences. If assessee is able to prove otherwise, certainly he will get rescue from the provisions of section 132(4) and 132(4A) of the Act. In that situation onus will be shifted on the Revenue to prove otherwise to make assessee liable for tax. We set-aside the additions made by the AO and restore the matter back to the file of AO, with a direction to verify assessee’s submission with specific reference to the cash flow statement filed by company and relied upon by the assessee. Appeal filed by the assessee is allowed for statistical purposes.
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