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2022 (2) TMI 44 - AT - Income TaxAddition u/s 68 - assessee could not explain the cash in hand as on 31.03.2016 since the cash balance was declared by him at NIL as on 31.03.2016 - HELD THAT:- We find merit in the arguments of the Assessee that the net cash in hand as on 31.03.2016 shown by him at ₹ 25,40,868.60 could not have been ignored by the A.O. merely on the ground that assessee could not justify the huge cash in hand. Since the A.O. has not looked into the various details filed before him during the course of assessment proceedings itself in the shape of balance-sheet and P & L A/c of M/s. Arun Kapoor Water Cooling Plant and M/s. Eagle Water Cooling Plant of which the assessee is proprietor and since the assessee before me has explained the availability of cash in hand as on 31.03.2016 therefore, set aside the order of the Ld. CIT(A) and direct the A.O. to deletion of the addition. Grounds raised by the assessee are accordingly allowed.
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