TMI Blog2012 (9) TMI 1226X X X X Extracts X X X X X X X X Extracts X X X X ..... essee is against the order dated 27.3.2012 of CIT(A)-IV, Rajkot confirming addition of an amount of Rs.2,65,668/- made by the AO treating the same as unexplained expenditure on account of negative cash balance for the assessment year 2000-01. 2. Briefly stated facts of the case are that the assessee is a Company. A survey action u/s 133A of the Income Tax Act 1961 was carried out at the busines ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted that the assessee-company has already closed its business activities since long and there is no business activities . With regard to the negative cash balance of Rs.2,65,668/-, the shareholderrepresentative has shown his inability to explain the same. Since the assessee-company failed to explain the negative cash balance, the AO by invoking the provisions of section 69C taxed the same being u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d upheld the action of the AO in making the addition of Rs.2,65,668/- u/s 69C of the Act to the total income of the assessee. Aggrieved by the order of the ld.CIT(A), the assessee is in appeal before the Tribunal. 4. At the time of hearing, before us, Shri D.R.Adhia, the ld. AR for the assessee appeared and produced the decision of the Rajkot Bench of the Tribunal in the case of Shri Valjibhai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... htly been made by the AO and confirmed by the ld. CIT(A). 5. Having heard both the sides, we have carefully gone through the orders of the authorities below. In our considered opinion, the decision of the Tribunal in the case of Shri Valjibhai B Khunt (supra) as relied by the assessee before the ld. CIT(A) and even before us is not applicable to the facts of the present case. Admittedly, in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
