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2022 (10) TMI 1046 - AT - Income TaxUnexplained money u/s 69A - assessee stated that the source of cash found in the search and seizure operation was out of repayment of principal as well as interest from the customers, and generated during the regular course of business activities - HELD THAT:- Entire issue revolves around the cash that was introduced on 29/1/2019, namely, the date of survey. Except the statement of the assessee that the cash that was introduced on 29/1/2019 is business receipt, the authorities did not find any material to support that statement. Even before us also no material is produced. The cash seized by the Department is supported by the entries in the cash book by way of closing balance on 29/1/2019, but the source of the additional income introduced on 29/1/2019 is not established. Assessee says that except this business they do not have any other source of income. If that be so, its not known where from this additional income of Rs. 95,23,000/- in respect of the main branch and Rs. 78,17,790/- in respect of branch SR Nagar is generated to show in the cash book. Authorities found that this particular amount that was introduced by way of additional income is not business income since the business income is subsumed into the amount that was seized. We too have no material to take a different view. In these circumstances, we find it difficult to hold that the view taken by the authorities below is either illegal or improper. We accordingly do not find any reasons to interfere with the considered findings of the authorities below. With this view of the matter, we dismiss the grounds of appeal.
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