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2012 (7) TMI 759 - ITAT DELHIAddition as unexplained cash - CIT(A) deleted the addition - Held that:- It is an admitted fact that assessee company has accepted the fact that the cash belong to the company. Hence, once when the amount has been assessed in the hands of assessee company no infirmity in the CIT(A)’s finding that addition in the hands of the assessee on protective basis is not required. The documents seized during the survey operation from the premises of the assessee show difference between cash balance as per the cash book & the ledger account of the imprest account - The books of account maintained in the computer emanated during the course of search support the contention of the assessee in respect of the transactions made through the imprest account & how the imprest account is merged with the final accounts. There was a cash withdrawal of Rs.30,00,000/- just a month before the cash found - as revenue has failed to bring anything on record which could show that money withdrawn from bank was spent somewhere else. The purpose for which the money was carrying out to Goa is well explained. Additions made only on the basis of statements recorded during operation u/s 133A may be liable to be quashed in absence of any corroborative evidence - There was no doubt about the fact that the seized money was belonging to the assessee only. The proceedings u/s 153C r.w.s. 153A has to be taken in the case of assessee only.
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