2023 (3) TMI 477 - AT - Income Tax

Unexplained cash found during the course of search and seizure action - AO has recorded in the assessment order that during the course of search and seizure proceedings cash was found from the possession of the assessee but was not seized as per annexure 5 of the panchnama stated to be belonging to the assessee - HELD THAT:- The finding of the CIT(A) is based on the facts that the closing cash balance for the assessment year 2009-10 was held as nil and therefore, there is no opening balance as on 1.4.2009. When the assessee has not challenged the order of the CIT(A) for the assessment year 2009-10 then the said finding of the CIT(A) remained unrebutted and consequently the opening balance claimed by the assessee as on 1.4.2009 cannot be accepted. We do not find any error or illegality in the order of the CIT(A) qua this issue.

Enhancement of assessment on account of cash deposited by the assessee in the saving bank account with Allahabad Bank - HELD THAT:- From the bank statement of the assessee, it transpires that there is no cash withdrawal by the assessee during the financial year under consideration. Therefore, the assessee has not produced any record showing the withdrawal of cash from the bank either during the year under consideration or in the preceding year which could be available with the assessee for making the deposit in the bank account. Accordingly, we do not find any error or illegality in the impugned order of the CIT(A) qua this issue.

Appeal of the assessee is dismissed.