9911796707
TMI Blog2021 (12) TMI 751X X X X Extracts X X X X X X X X Extracts X X X X ..... Law and on facts by upholding the addition of Rs. 2806000/- u/s 69 C of the Income Tax Act 1961 , made by Id. Assessing officer which has already been added and forms part of Rs. 6010250/- resulting into double addition. 4. It is therefore prayed that the additions made above , by Ld. AO and confirmed by Ld. CIT- A may please be deleted. 5. The appellant craves liberty to add/ alter, withdraw, submit or change and of the grounds of appeal either before and during the course of appellate proceedings. 3. The interconnected issue raised by the assessee is that the learned CIT (A) erred in confirming the addition made by the AO for Rs. 60,10,250/- on account of unexplained expenditures and unaccounted cash payment of Rs. 28 lakhs. 4. The present appeal before us is arising against the assessment order framed under section 143(3) read with section 263 of the Act. The assessment was originally framed by the AO under section 143(3) of the Act dated 30th November 2010 after making the addition of Rs. 10 lakh under section 68 of the Act. On a later date, the learned PCIT under section 263 of the Act found that there was a document bearing loose paper page No. 4 which was discovered d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovember 2007. Furthermore, these expenditures were not recorded in the regular books of accounts till the date of survey 19th February 2008 whereas it was noticed that cash book was updated upto 11th February 2008. Thus the AO did not believe on the explanation submitted by the assessee that such expenditures were incurred out of the accounted cash of the receipt of the assessee. Likewise, the director of the assessee at the time of survey has duly admitted that such expenditures were incurred out of unaccounted receipts representing the undisclosed income. Hence the AO, treated the sum of Rs. 60,10,250/- as unexplained expenditure under section 69C of the Act. 4.5 The AO further found that as per submission of the assessee it has made payment for a sum of Rs. Rs. 28,06,000/- towards the purchase of land bearing survey number 146/B through Banakhat dated 3rd November 2007, but the source of making the payment for purchase of the impugned land at relevant time was not explained by the assessee. Therefore the same was treated as unexplained expenses under section 69 C of the Act. 4.6 In view of the above, the AO made the addition of Rs. 60,10,250/- and Rs. 28,06,000/- on account of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to fag end of F.Y. acceptance of any entry pertaining 10 earlier period of F.Y will be logical, i am in agreement with the contention of Ld. A.O Therefore, the addition of Rs. 60.10 lacs u/s.69C is confirmed. Accordingly, the appeal on this ground is dismissed. XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 3.2 I have carefully considered rival contention. In view of fact of the case I am not inclined to agree with contention of appellant. The Id AO has rightly made addition of Rs. 23,06,000/- , on account of payment made in November, 2007 to Shri Parveenbhai. The appellant has contended that at the time of Banakhat i.e on 04/11/2007, Rs. 10,00,000/- was paid to Shri Pravinbhai and later Rs. 18,06,000/-was also paid. The total amount of Rs. 28,06,000/- was yet to be recorded in the books when the survey was conducted on 19.02.2008. This logic of appellant is not at all acceptable, that entries pertaining to withdrawal of cash in November were pending to be recorded in the month of February, 2008. The appellant has failed to point specific entries in cash book pertaining to withdrawal of cash on the given dates to Praveenbhai. The theory as presented by appellan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the seized document which were not recorded in the books of accounts as on the date of survey. But the same were recorded post survey and to this effect updated cash book was filed before the revenue authority vide letter dated 05th March 2008 and 15th April 2008. The revenue also admitted the contention of the assessee except for the cash expenditure incurred by the assessee for Rs. 60,10,250/- on the reasoning that the impugned expenditures were incurred in the month of November 2007 which were not recorded until the date of survey. Thus, the revenue was of the view that such expenditures of Rs. 60,10,250/- have been incurred out of the unaccounted receipts of the assessee. 9.3 It is an admitted fact that as on the date of survey there was a difference found between the cash recorded in the books of accounts viz a viz cash physically found available leading excess cash balance in the books of accounts by Rs. 1,65,39,334/-. As per the assessee the impugned expenditures were incurred out of the accounted receipt of cash but omitted to record the impugned expenditures. Undeniably, it is the onus of the assessee to justify based on the cogent material that the impugned cash expendit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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