TaxTMI 
TaxTMI 
2012 (9) TMI 648
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....e by the Assessing Officer on account of unexplained cash credit in assessee's bank account, when the assessee has failed to furnish any satisfactory explanation about the nature and source thereof as required by the provisions of Section 68 of the Income-tax Act, 1961. 3. Inspite of giving registered notice, nobody appeared on behalf of the assessee nor any adjournment petition was moved by assessee , therefore, the Bench decided to dispose of the appeals after hearing the ld. CIT DR who appeared on behalf of the Revenue and considering the entire materials placed on record. 4. We have heard the submissions of ld. CIT DR and found from record that search and seizure action was conducted u/s 132 of the Income-tax Act, 1961, at the ....
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.... in the various bank accounts. It was stated by him that the cash belonged to his clients which was deposited for making payment of insurance premium. Details of the clients who had given cash were not furnished by him. In this context, assessee was again requested by Assessing Officer to furnish following details :- (i) Date wise details of receipt of cash from clients mentioning name and complete postal address of the persons. (ii) Details of cheque(s) issued by Manoj Chaurasia and his family members against the cash received from such persons mentioning the name of the payee, cheque number, date, name of bank and branch and purpose of such payments. (iii) Furnish confirmation of the persons who have given cash mentioning name and comp....
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....of the Chaurasias cannot be accepted. The cash deposited in the Bank accounts of Chaurasia was treated as unexplained cash credited into the bank accounts of family members of Chaurasias and was held to be undisclosed income of the Chaurasias in the relevant period when the deposit has been made. 8. The addition so made on account of cash found to be deposited in the Bank account of assessee Chaurasia family was deleted by the ld.CIT(A) after observing that as per the daily cash flow break up for the whole year, there was sufficient cash available in the cash book for deposit in the Bank account. A consolidated order was passed by CIT(A) in respect of both the assessee for all the years involved in search proceedings. 9. Against the above....
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....ounts on different dates and made addition. The addition made on account of unexplained cash deposit in different bank account was deleted by CIT(A) without controverting the finding recorded by Assessing Officer at para 7 of his order, merely by observing that the assessee was having sufficient cash balance in his cash book, which was used for deposit in the respective bank accounts, the CIT(A) had deleted the addition. It is also not the case of CIT(A) that assessee had filed such confirmation before him or that such clients of assessee had confirmed before him regarding handing over of impugned cash to assessee. As per our considered view, no doubt, cash was available in the cash book, but at the same time the assessee was required to ex....