TMI Blog2022 (6) TMI 1327X X X X Extracts X X X X X X X X Extracts X X X X ..... portunity of hearing to the assessee. Addition u/s 69A on account of cash found during search - HELD THAT:- Right from the stage of search, the case of the assessee has been that the family withdraws Rs. 40,000/- every month for meeting house-hold expenses and the cash found in search is accumulation of savings. Moreover, documentary evidence of bank statement showing withdrawal of cash of Rs. 1,00,000/- by the assessee and Rs. 1,50,000/- by his wife on 20.04.2012 just few days before search on 09.05.2012 was placed on record. There is no adverse finding that the said withdrawals of cash was utilised for any specific purpose and that nothing was available out of the said withdrawal of cash. We are, therefore, inclined to hold that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the action of Ld. A.O in making the impugned additions are bad in law and against the facts and circumstances of the case. 3. It is a search case. Search was conducted under section 132 of the Income Tax Act, 1961 (the Act ) at M/s. SRS Group on 09.05.2012 and premises of the assessee was also covered. 3.1 In response to notice under section 142(1) of the Act, the assessee filed his return for AY 2013-14 declaring total income of Rs. 9,25,050/- on 07.07.2014. Notices under section 143(2) and 142(1) along with the questionnaire were issued to the assessee on 08.08.2014 which were duly served upon the assessee. The Authorised Representative of the assessee attended the assessment proceedings and the issues were discussed with him. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iven credit of Rs. 16,06,028/-. No reason has been given by the assessee to give further credit. According to the Ld. CIT(A) the bills from Harsh Jewellers did not appear to be genuine and verifiable as they do not have complete address or phone numbers. Source of payment was also not explained. He, therefore, declined to interfere. 5.3 Aggrieved, the assessee is before the Tribunal and Ground No. 1 and 2 relate thereto. 6. We have heard the Ld. Representative of the parties, considered their arguments carefully and perused the material available on records. 6.1 The Ld. AR submitted that there is no basis of the impugned addition. Our attention was drawn to page 10 of the paper book which contains the details of jewellery found in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parties, we are of the opinion that in the interest of justice and fair play, the matter should be restored back to the file of the Ld. AO to verify the veracity of the claims made by the assessee who shall produce evidence which were not available with him during the course of assessment proceedings for the purposes of verification. The Ld. AO shall also consider the claim of the assessee taking into account the CBDT Instruction No. 1916 dated 11.05.1994 and decide the issue afresh after giving reasonable opportunity of hearing to the assessee. 8. Ground No. 3 and 4 relate to addition of Rs. 1,00,000/- under section 69A on account of cash found during search which has been upheld by the Ld. CIT(A). Cash of Rs. 1,21,300/- was found from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... very month for meeting house-hold expenses and the cash found in search is accumulation of savings. Moreover, documentary evidence of bank statement showing withdrawal of cash of Rs. 1,00,000/- by the assessee and Rs. 1,50,000/- by his wife on 20.04.2012 just few days before search on 09.05.2012 was placed on record. There is no adverse finding that the said withdrawals of cash was utilised for any specific purpose and that nothing was available out of the said withdrawal of cash. We are, therefore, inclined to hold that the source of cash available at the time of search has been satisfactorily explained by the assessee and delete the impugned addition. 10. In the result, the appeal of the assessee is allowed subject to directions contai ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
