2023 (1) TMI 529 - AT - Income Tax
Rectification of mistake u/s 154 - Addition u/s 69A - cash found from the assessee’s premises during the search proceedings - CIT-A deleted the addition - HELD THAT:- In the case on hand, the AO in the rectification proceedings u/s 154 of the Act, has made independent addition which was not consciously made while framing assessment u/s 143 of the Act. Thus, can such mistake be said as a mistake apparent from the record? Admittedly, a long drawn process is required to be adopted to reach to the conclusion where the cash found from the premises of the assessee representing the unexplained money u/s 69A of the Act, in the given facts and circumstances.
Even on merit, we note that the assessee in the statement furnished u/s 132(4) of the Act, has categorically stated about the documents found during the search proceedings that the same represent the undisclosed transaction of the firm namely M/s. M.K. Ceramics based on that undisclosed income of the firm was determined. Therefore, the AO has taken one of the possible view for holding that such undisclosed cash represent the application of undisclosed income determined in the hands of the firm.
No reason to interfere in the order of the Ld. CIT(A). Hence, the ground of appeal of the Revenue is hereby dismissed.