Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (1) TMI 982 - AT - Income TaxAddition u/s 69A - unexplained Jewellery - unaccounted Cash - HELD THAT:- In the present case it is noticed that the A.O. accepted the Jewellery shown by the HUF of the assessee i.e; Rakesh Bansal HUF but did not accept the Jewellery shown in the Wealth Tax Returns of another persons belonging to the family of the assessee. In our opinion when the facts were similar, the contrary stand taken by the A.O. was not justified when the assessee was having sufficient quantity of the gold disclosed in the Wealth Tax Returns and SBI Gold Bond Deposit Scheme as well as Gold Bonds 1998 then there was no reason to make impugned addition particularly when total gold available with the assessee as shown in the Wealth Tax Return and obtained on maturity of Gold Bond Scheme was weighing 5208 gms which was more than the gold / Jewellery weighing 4019.45 found during the course of search. Additions towards unaccounted Cash - Held that:- the Assessee was a Director of M/s Sarvesh Spinners Pvt., Ltd. so the cash belonging to that concern may also be held by the assessee. In the instant case, the assessee was taking a consistent stand before the A.O. as well as the Ld. CIT(A) that he was holding position of Director in the Company namely M/s Sarvesh Spinners Pvt. Ltd. and nothing is brought on record to substantiate that the said contention of the assessee was not true, therefore this explanation of the assessee that cash amounting to ₹ 2,27,282/- was retained by him in capacity of the Director of M/s Sarvesh Spinners Pvt. Ltd. cannot be doubted particularly when this fact was verifiable from the record of Registrar of Companies. We therefore considering the totality of the facts are of the view that the impugned addition on account of cash found, made by the A.O. and sustained by the CIT(A) was not justified. Accordingly the same is deleted. - Decided in favour of assessee.
|