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B. Janardhan Reddy Versus Dy. Commissioner of Income-tax, Circle – 6 (1) , Hyderabad

2018 (1) TMI 587 - ITAT HYDERABAD

Unexplained cash found during search - Held that:- CIT(A) gave a categorical finding that “the assessee did not claim in the original assessment proceedings that the cash available is out of exchange of old currency if any. This argument is brought forward now and there is no evidence furnished to substantiate this new claim even during the assessment proceeding or appellate proceedings. If the claim of the assessee is correct then the money in serial numbered notes should have come from a singl .....

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raised by the assessee - ITA No. 663/Hyd/2017 - Dated:- 8-12-2017 - SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER For The Assessee : Sri A.V. Raghuram For The Revenue : Smt. Suman Malik ORDER PER S. RIFAUR RAHMAN, AM: This appeal is filed by the assessee against the order of CIT(A) - 9, Hyderabad dated 30/12/2016 relates to the AY 2008-09. 2. Briefly the facts of the case are that the assessee filed his return of income for the AY 2008-09 on 18/07/2008 declar .....

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assessment proceedings taken up in consequence of ITAT order, Assessing Officer again assessed as income of ₹ 5 lakhs on account of currency notes of ₹ 1000/- denomination found during the search, which are serially numbered as assessee could not furnish any further explanation. 3. Aggrieved by the order of AO, the assessee preferred an appeal before the CIT(A). 4. During the appellate proceedings, assessee submitted that cash found during search is out of accumulation of cash withd .....

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ey to the file of Assessing Officer to frame the assessment afresh after considering the arguments of the assessee. During the original assessment proceedings, the assessee explained that cash is available with him out of withdrawal of last two years. Assessing Officer therefore held that the serially numbered new 1000/- notes cannot be out of old withdrawals. Further, as per cash book cash on hand is not 5 lakhs but less than that. The assessee did not claim in the original assessment proceedin .....

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for which there is no cogent evidence available. In view of the above I hold that the Assessing Officer correctly rejected the explanation of the assessee and hence I find no reason to interfere with the order of the Assessing Officer. Therefore, the addition is confirmed. 6. Aggrieved by the order of CIT(A), the assessee is in appeal before us raising the following grounds of appeal: 1. The order of the learned CIT(A) confirming the order of the AO is erroneous both on facts and in law in so fa .....

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