TMI Blog2012 (9) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... nav A. Mehta, learned Central Government Standing Counsel appearing for the Revenue in this Tax Appeal which has been filed on the following proposed substantial question of law :- Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in deleting addition of ₹ 25 Lacs made by the Assessing Officer on account of cash found and seized ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the assessee on 15.10.2005. The assessee filed his return of income on 20.9.2005 declaring his total income of ₹ 3,22,001/-. A notice under Section 143(2) dated 31.1.2006 was issued and served on the assessee on 7.2.2006. Subsequently, a notice under Section 142(1) along with questionnaire was issued and sent to the assessee. In response to the notice, the Chartered Accountant of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... search. Therefore, the assessee's version was supported as per the cash book of Mumbai office. The Assessing Officer has made the addition of ₹ 25 Lacs on suspicion. The CIT (A) deleted the additions made by the Assessing Officer. The relevant part of the findings recorded by the CIT (A) in paragraph 6 is extracted below :- The appellant has furnished copies of the relevant pages of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elf explained that such cash was out of the cash balance as per the books of Mumbai and it is recorded in the said cash book is sufficient to prove that the cash was duly accounted for. Considering all these aspects, I hold that the addition of ₹ 25 Lacs made by the A.O. deserves to be deleted. This ground of appeal is accordingly allowed. 4. Against the said order of the CIT (A), the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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