TaxTMI 
TaxTMI 
2010 (2) TMI 891
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....he order of CIT(A) dated 30.1.2008 for the AY 1998-99, in the matter of order passed u/s 153C of the IT Act. 2. The grievance of the assessee relates to additions confirmed u/s 68 in respect of investment in IDBI bonds at Rs.41,600/-, improvement of property at Rs.22.341/- and Greater Noida property at R5.79.8SO/- and on account of available cash in hand amounting to Rs.2,05,265/-. During ....
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.... asked the availability of cash. The contention of the assessee was that there was an opening cash balance of Rs.6,70,095/- as on 1.4.1997, copy of bank statement in respect of assessee's bank account No.7652 in State Bank of India for FY 1996-97 was also submitted to prove the availability of cash prior to 1.4.1997. Detailed statement of amount withdrawn from the bank as well as amount utilized w....
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.... Tribunal in the case of another family member of the assessee i.e. Smt.Meena Devi (supra) which also pertains to the same search being carried out wherein addition was retained by the CIT(A) on account of cash found during the course of search. Following was the observation of the Tribunal while deleting the said addition:- "Now, regarding last item of addition of Rs.8,53,011/- on account....
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....urce of cash in hand of on Rs.853,011/- shown by the assessee as on 31.3.1997 is not explained. The Assessing Officer has accepted the cash in hand to the extent of Rs.1 lakh whereas ld.CIT(A) has accepted the increase in cash in hand during this year of Rs.152,473/- being difference of Rs.10,05,485/- (closing balance) and Rs.853,011/- (opening balance). We fail to understand as to why such openin....