TMI Blog2020 (12) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... essee has submitted before us that the said opening cash balance of ₹ 4,05,800/- as at 01.04.2005 was the closing cash balance of the earlier year as at 31.03.2005 and the cash flow of the earlier year has been accepted by the Revenue, but the said facts are not emanating from the record before us. It is also not clear that the said bank accounts with PNB were declared by the assessee in the return of income regularly filed with the Revenue from year to year for the earlier years and also whether the said cash in hand of ₹ 4,05,800/- was accepted by Revenue in the earlier year and under these circumstances in the interest of justice and fair play, we are of the considered view that the matter be set aside and restored to the fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reinafter called the tribunal ) reads as under: 1. That in any view of the matter the assessment made on an income of ₹ 5,32,840/- vide order dated 29-03-2013 passed u/s. 153C r.w.s. 153A r.w.s. 143(3) of the IT Act as against the returned income of ₹ 2,33,510/- is bad both on the facts and in law. 2. That in any view of the matter the addition of ₹ 2,32,100/- as made by the Assessing officer and confirmed by the Ld. CIT(A)-III, Lucknow is highly unjustified and incorrect when the alleged cash deposits in bank are from definite sources duly explained by the assessee especially when the relevant bank accounts are already disclosed and a Cash Flow has also been placed on record hence addition made and confirmed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the findings and observations of the Ld. CIT(A) with regard to addition of ₹ 86,000/- is totally incorrect and contrary to facts of the case. 4. That in any view of the matter the interest charged under different sections of the Act is highly unjustified. 5. That in any view of the matter the appellant reserves his right to take any fresh grounds of appeal before hearing of appeal. It is therefore prayed that in the light of submissions made above relief may be allowed accordingly. 4. The brief facts of the case that the assessee is an individual and was partner in the firm Vijay Stone Product, Mangalam Stone Product R.J. Stone Product. The assessee derived income from supply of contract work and also derived ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 86,000/- in ay: 2008-09), vide separate assessments for both the ay's viz. ay: 2006-07 and 2008-09. 5. The assessee being aggrieved by aforesaid additions so made by AO filed first appeal before learned CIT(A). The assessee submitted cash flow statement before learned CIT(A), in which the assessee has claimed that the cash has been deposited in the bank account in previous year 2005-06 corresponding to ay: 2006-07, mainly out of opening cash balance as of 01.04.2005 of ₹ 405800/-. The Ld. CIT(A) rejected the said cash flow statement and observed that this was not submitted with the return of income nor was filed during assessment proceedings and hence the said cash flow statement cannot be accepted. Similarly, for ay: 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 153C is the incriminating material belonging to tax-payer being found during the search against some other person and satisfaction of the AO that incriminating material pertaining to the tax-payer against whom proceedings u/s. 153C is initiated is found during the course of search conducted by Revenue against some other person. 6. We have considered rival contentions and perused the materials on record. We have observed that there was a search and seizure operation conducted by Revenue against Vaish Group of Concern on 03.02.2011. There were simultaneously survey operations carried out by Revenue u/s. 133A of the 1961 Act against certain business concerns of the Vaish group. There was some incriminating material pertaining to asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the earlier year as at 31.03.2005 and the cash flow of the earlier year has been accepted by the Revenue, but the said facts are not emanating from the record before us. It is also not clear that the said bank accounts with PNB were declared by the assessee in the return of income regularly filed with the Revenue from year to year for the earlier years and also whether the said cash in hand of ₹ 4,05,800/- was accepted by Revenue in the earlier year and under these circumstances in the interest of justice and fair play, we are of the considered view that the matter be set aside and restored to the file of AO for afresh consideration for both the assessment years viz. ay: 2006-07 and 2008-09 for denovo adjudication of the matter o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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