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2015 (1) TMI 911 - AT - Income TaxShort surrender of cash - revision u/s 263 as AO finalized the assessment without giving any finding with respect to short disclosure of cash to the extent of ₹ 76,76,080/- - Held that:- The Assessing Officer gave the reasonable opportunity of being heard on short disclosure of income in the return on account of cash, which has been replied by the assessee and considered by the Assessing Officer with detailed evidences. It is true that he has not given detail findings in his order but does not mean, has not considered the assessee’s reply on this count. The appellant also explained this difference before the DDIT at the time of search, which has been again reiterated before the Assessing Officer at the time of assessment and also during the course of 263 proceedings. The statement recorded U/s 132(4) of the Act is an evidence under the Income tax proceedings but is rebuttable. The appellant had calculated the difference of cash on the basis of cash sales bill book which had not been considered during the search proceedings. The learned CIT DR had not found any defect in the computation made by the appellant regarding cash sales and receipts not posted up to 20/10/2009, payment remained/posted up to 20/10/2009. Mainly cash sales at Lalkothi branch, cash sales as per machine at Lalkohti shop, mainly cash sales at Ajmer Road branch, cash sales as machine at Ajmer Road shop, sales worked out from seized material, cash sales as per bill book No. 3101 to 3200, recovery from debtors, payment for expenses and payment for purchases, therefore, we do not find Assessing Officer’s order erroneous and prejudicial to the interest of the revenue. Accordingly, the order of the learned CIT passed U/s 263 of the Act is set aside. - Decided in favour of assessee.
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