2023 (8) TMI 1481

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..... dent : Shri Vinod Kumar, Sr.DR Order under section 254(2) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER: 1. This Miscellaneous Application (MA) is filed by the revenue for seeking rectification in order of this Tribunal dated 22/12/2022 passed in ITA No. 94/Srt/2022 for the Assessment Year (AY) 2017-18. 2. The learned Senior Departmental Representative (ld. Sr. DR) for the revenue submit .....

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..... d not the cash available as per journal entries. The assessee failed to explain how physical cash was available with the assessee on the date of deposit, therefore, the submission taken by assessee falls apart. Since the assessee failed to explain the availability of cash on the date of deposit. There is no finding of Tribunal on such fact. The ld. Sr. DR for the revenue submits that either suitab .....

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..... ssee company, thus the assessment order passed by assessing officer was not at all prejudicial to the interest of revenue and the order passed under section 263 was quashed/ set aside. The ld. AR of the assessee further submits that the stand of assessee right from the beginning was that the cash seized from the residence of Director was belonging to assessee company, the department taxed the same .....

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..... he parties and perused the record carefully including the order of Tribunal dated 21/11/2022. We find that in the present appeal, the assessee has challenged the validity of order under Section 263 passed by the ld. Pr.CIT, Valsad. The core issue while adjudicating appeal was, if the twin condition of Section 263 whether the assessment order passed by assessing officer was erroneous and in so far .....

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..... lea of the assessee that same amount cannot be taxed twice. And that assessee company reduced the cash balance by passing the accounting entry by crediting Rs. 15.50 lacs and debiting the same amount to the cash seized in the search. Thus, we do not find any merit in this present Misc. application and we dismiss the same. 5. In the result, this Misc. application of revenue is dismissed.  Or .....

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