TMI Blog2019 (11) TMI 140X X X X Extracts X X X X X X X X Extracts X X X X ..... lowed. - ITA No.899/PUN/2019 (Assessment Year : 2015-16) - - - Dated:- 24-9-2019 - SHRI D. KARUNAKARA RAO, AM Appellant by: Shri Pratik Sardbhor Respondent by: Shri Sanjeev Ghai ORDER PER D. KARUNAKARA RAO, AM : This appeal is filed by the assessee against the order of CIT(A)-7, Pune dated 13.05.2019 for the Assessment Year 2015-16. 2. The grounds raised by the assessee are as under :- 1. On the facts and in the circumstances of the case the assessment is bad in law in as much as the Assessing Officer has grossly erred in completing the assessment u/s 144 r.w.s. 147, despite there being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the entire cash discrepancy amounting to ₹ 3,68,729/- as per the discussion given in para 6.1 and 6.1.1 of his order. For the sake of completeness, the said para 6.1 and 6.1.1 of the order of the CIT(A) is extracted hereunder :- 6.1 The appellant submitted that the cash in hand as per the books is ₹ 4,56,039/- and the physical cash in the shop at the time of survey was ₹ 87,310/-. The AO has added the shortfall of ₹ 3,68,729/- as addition u/s. 69C holding that the same has been spent and which has not been recorded in the books. The appellant claimed that the cash might have been used for expenses and might have been debited later and he relied on the decision of Kolkata Tribunal in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upra), I find the para 5 of the said order of the Tribunal (supra) is relevant for the legal proposition that the said cash shortage can be given against the unaccounted purchase of jewellery. For the sake of completeness, the said para 5 of the order of the Tribunal (supra) is extracted hereunder :- 5. From the above paras, we find that on the date of survey, stock was found in excess of book stock to the extent of ₹ 24,10,868/- and the cash was found short as compared to cash balance as per cash book to the extent of ₹ 1,82,527/-. The AO has noted that the assessee firm has declared additional income of ₹ 24.20 Lakhs in the P L account whereas no additional income was declared in respect of sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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