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2023 (4) TMI 620 - AT - Income TaxAddition u/s 69A r/w section 115BBE - unexplained income representing on-money received - loose document found during the search and seizure action - HELD THAT:- Not Only the father of the assessee but Mr. Mangesh D. Gaikar also admitted to the fact that the money paid by the assessee in fact belong to Mr. Mangesh D. Gaikar, which was returned to Mr. Mangesh D. Gaikar and the same has been recorded in the loose document found during the search and seizure action at the premises of Mr. Mangesh D. Gaikar. We are of the considered opinion that once the Revenue in the case of Mr. Mangesh D. Gaikar, has held that Mr. Mangesh D. Gaikar was receiving maintenance charges in cash and not recording the same in the books of account as collection, there is no merits in rejecting the submission of the assessee on the basis that transaction in cash was not recorded in books and no documentary evidence was produced. Once the non-maintainability of the books of account in respect of the cash received has been found by the Revenue after a detailed examination in the case of Mr. Mangesh D. Gaikar, asking the assessee to produce the documentary evidence is contrary to their own findings. When the claim of the assessee has been duly corroborated by the statement of Mr. Mangesh D. Gaikar and assessee’s father, and Mr. Mangesh D. Gaikar, has been taxed in respect of the aforesaid cash receipt as unaccounted income, we find no basis in upholding addition in the hands of the assessee - Assessing Officer is directed to delete the impugned addition. As a result, grounds raised by the assessee are allowed.
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