Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 1137 - AT - Income TaxAddition on account of alleged excess cash declared by assessee at the time of search but not offered to tax in his return of income - Held that:- It is an undisputed fact that during the course of search ₹ 5,79,410/- were recovered from residential premises of assessee. It is relevant to note here that search action at the premises of the firm took place on 11.04.2011 and search at the residential premises of the assessee was carried on 27.04.2011 i.e almost after two weeks. The statement of assessee u/s. 132(4) was recorded on 28.04.2011. The assessee sought time to reconcile the books to explain the source of cash. The recording of assessee’s statement was resumed on 30.04.2011. On the said date, assessee admitted that ₹ 5,00,000/- is his unaccounted income for the assessment year 2012-13 on account of unexplained cash. Thus, assessee had ample time at least to make out whether this amount of ₹ 5,00,000/- belongs to the firm or on his personal account. CIT(Appeals) rightly pointed that the assessee never claimed while recording statement that cash belongs to the firm. We concur with the view of lower authorities that attributing ₹ 5,00,000/- as cash of the firm is an afterthought. - Decided against assessee.
|