2022 (11) TMI 886 - AT - Income Tax
Addition u/s.69A - unexplained cash being found during the course search - AO treated the amount of cash found during the search and seizure operation - HELD THAT:- Admittedly, the cash was found during the search proceedings conducted u/s 132 at the premises of the assessee. The onus lies upon the assessee to explain the source of cash. We note that the assessee before the investigation wing post search in response to the notice issued u/s 131.
None of the authorities below has pointed out any iota of defects in the details furnished by the assessee before them. As such, it seems to us that the assessee has duly discharged the onus about the cash found during the course of search and seizure operation and the onus now shifted upon the revenue to disprove the contention of the assessee based on the tangible materials. The revenue has not disproved the contention of the assessee except making a statement by the CIT-A that all the documents were prepared to mislead the AO and likewise these documents were prepared afterthought. In our considered view the revenue has not brought any cogent basis for rejecting the contention of the assessee. Accordingly we hold that there cannot be any addition to the total income of the assessee with respect to the cash found during the search proceedings. Hence, the ground of appeal of the assessee is hereby allowed.
Addition mad on the basis of admission made by the assessee in the statement furnished u/s 132(4) - HELD THAT:- There were various land transactions carried out as evident from the seized documents but we note that such land transaction had been considered by the revenue in the hands of Smt. Parvatiben in the assessment which can be verified from the assessment order of and the order of the learned CIT-A placed - In view of the above and after considering the facts in totality, we are of the view that no addition based on admission is warranted in the given facts and circumstances. Hence, we set aside the finding of the learned CIT-A and direct the AO to delete the addition made by him. Hence, ground of appeal of the assessee is hereby allowed.