TaxTMI 
TaxTMI 
2009 (11) TMI 547
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....ed in confirming the order of the Commissioner of Income-tax (Appeals) deleting the addition of Rs. 5,43,000 and Rs. 4,04,000 seized from the assessee during search made on December 19, 2002. We have heard standing counsel appearing for the appellant and counsel appearing for the respondent-assessee. 2. The assessee was engaged in money-lending and was also a partner of two tourist homes, ....
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....fficer did so by overruling the contention of the assessee that cash was withdrawn from the two tourist homes and retained by him for safe custody. However, in appeal, the Commissioner of Income-tax (Appeals) accepted the explanation of the assessee and allowed the claim, which was confirmed by the Tribunal against which this appeal is filed. 3. We find from the orders of the Tribunal and ....
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....nted income because the tourist homes' accounts on verification did not show any cash balance. The theory of safe deposit of huge cash in the assessee' s house is unbelievable because the assessee maintains four bank accounts, details of which are available in the Tri- bunal's order. Counsel for the assessee even raised a contention that withdrawals from the accounts of the firm probably may mean ....