9911796707
TMI Blog2021 (3) TMI 1112X X X X Extracts X X X X X X X X Extracts X X X X ..... 06.12.2018 framed by ACIT (Central)-II, Bhopal. 2. Assessee has raised following grounds of appeal:- 1. That the learned A.O has erred in law and on facts in making the addition of Rs. 15,02,020/- to the total returned income of the appellant. 2. That the learned A.O has erred in making the addition of Rs. 15,02,020/- on account of treating it to be the undisclosed income of the appellant when such amount and its sources was already explained to AO, along with the evidence. 3. That the A.O has erred to make the addition by ignoring the facts and documents submitted by appellant during the course of assessment proceedings. 4. That the A.O does not have any cogent material, so as to lead the A.O, to formation of belief that such amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atement of capital prepared as on 31.3.2016 was at Rs. 16,50,360/-, the same was sufficient to cover up the sum of Rs. 15,02,020/- and thus no addition should be made for the said amount. However Ld. A.O was not satisfied and treated it as an after thought. Assessment completed u/s 143(3) of the Act by Ld. A.O at Rs. 40,91,250/- making addition of Rs. 15,02,020/- on account of disclosure made during the course of search but not offered to tax. 4. Aggrieved assessee preferred appeal before Ld. CIT(A) who considered the submissions made by the assessee but finally confirmed the action of Ld. A.O and the relevant extract of his finding is mentioned below:- Xxxxx ---xxx j) Thus, from the above analysis it emerges that : i. The retraction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e hands of the assessee firm and 3 persons is Rs. 16.50,360/-. All these Income Tax Returns for Assessment Year 2016-17 were filed in response to notice u/s 153A of the Act and have been scrutinized u/s 143(3) of the Act and no additions have been made. This establishes that the department has accepted the cash position as on 31.3.2016 held with the assessee firm and its partners and the wife of the partner aggregating to Rs. 16,50,360/-. This cash sum of Rs. 16,50,360/- is sufficient to cover up the difference of Rs. 15,02,020/- (amount surrendered during the search Rs. 37,02,020/- less amount surrendered in the return of income at Rs. 22 lakhs). Ld. Counsel for the assessee relied on various judgments in the written submission. 7. Per co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence and explanation thereof should be accepted by the revenue authorities and whether the onus to prove the burden shifts on to the revenue needs to be examined in the light of judicial precedence. 10. We find that the Co-ordinate Bench Pune in the case of Moreshwar Mahadev Bhondve v/s ACIT (2014) 50 Taxmann.com 453 has held that:- "Even if the retraction is made after a long gap, it should be rejected by cogent reasoning. The- same was possible by demonstrating the stand of the assessee taken by way of books of account prepared and produced at assessment stage as well as appellate stage. According to the Assessing Officer, sufficient documents were not filed in this regard. While in appeal, the Commissioner (Appeal) observed that the e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led the return of income for which partnership firm and other individuals for Assessment Year 2014-15 to Assessment Year 2017-18. The instant appeal relates to Assessment Year 2017-18 and the issue before us is that whether the assessee had sufficient source of cash to explain the sum of Rs. 15,02,020/- found at the time of search conducted on 30.8.2016. 13. We find that the Income Tax Returns of the firm M/s Daya Properties & Finance and other individuals for Assessment Year 2016-17 were very much before the Ld. A.O. They have been scrutinized during the assessment proceedings and the assessment was completed u/s 143(3) of the Act and no addition have been made. If the Ld. A.O was not satisfied with the cash in hand shown by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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