TaxTMI 
TaxTMI 
2017 (3) TMI 381
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....in law, the learned CIT (A) erred and not justified in sustaining addition of Rs. 2 lacs made by the A.O. for the cash found in search. The assessee submits that having regard to explanation furnished, it may be held may be that cash found at residence is not an unexplained cash hence, the addition be deleted. (2) That on the facts and in the circumstances of the case and in law, that the learned CIT(A) erred and not justified in sustaining addition of Rs. 2 lacs because a provision of section 69A are not applicable. Kindly delete the said addition. (3) That on the facts and in the circumstances of the case and in law, the levy of interest u/s. 234A, u/s. 234B, u/s. 234C and u/s. 234D are unlawful and hence, be cancelled. 1.0. Grou....
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....fe the cash of Rs. 2 lacs was available at the time of search and accordingly found. The copy of seized income and expenditure statement of also furnished vide letter dtd. 30.11.2009 as per Page nos. 225 to 227 before the AO. However, the Ld. CIT (A) opinioned that cash of Rs. 2 lacs was out of agricultural income of his wife appears to be an afterthought as no such explanation was given by his wife at the time of search when a question to this effect was put to her. Moreover, no documentary evidence has been submitted to link to source of agricultural income now claimed. Accordingly, addition was confirmed. 1.3. Being, aggrieved the assessee filed this appeal before the Tribunal. The learned Counsel for the assessee, submitted that a di....
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....ked for which it was stated that same will be clarified by her husband. At question 5, details of cash found for Rs. 2,11,018/- was sought for which it was stated that there is no documentary evidence available. In view of above facts, it was contended that adverse view taken by the CIT (A) that explanation is afterthought and no evidence has been linked to impugned cash is not correct and was without appreciating facts and evidence on record. The agricultural income and expenditure statement found during search along with return of income and computation of total income statement filed by the wife of assessee stands documentary evidence linking the source of cash. Hence, it was urged us to allow the appeal by considering the submissions an....
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....of agricultural produce of Rs. 3,89,194/- as against agricultural expenses of Rs. 2,64,231/- up to September 2007 falling under the assessment year under consideration. Thus, net agricultural income can be computed at Rs. 1, 24,963/- [3, 89,194-2, 64,231] on the basis of seized papers as on the date of search. There is presumption u/s. 132(4A) of the Act the document found during search are belongs to a person from whose possession it was found during search. Therefore, it is a credible evidences found from the possession of the assessee during search, hence, there cannot be any doubt on reliability. Further, we find that the wife of assessee has shown her agricultural income of Rs. 89,000/- during A.Y. 2007-09 and Rs. 3,35,000/- for the as....