TaxTMI 
TaxTMI 
2017 (8) TMI 940
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....s erred in deleting the addition of Rs. 15,22,850/- on account of unexplained cash especially when the assessee has not submitted any proof with regard to availability of cash with him and that the assessee in its household withdrawals and not to be the company as stated by him later during the assessment proceedings? (ii) Whether on the facts and in the circumstances of the case the Ld. CIT (A) has erred in deleting the addition of Rs. 2.25 Crore made by the AO on protective basis on the basis of statement recorded at the time of search especially when Smt. Kiran jain & Sh. Vikram Jain has not accepted decision of CIT(A) and filed the appeal before Hon'ble ITAT. (iii) That the appellant craves to add, delete or modify any of the grou....
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....fore, he submitted that once the appeal of the department is set aside to the file of the Assessing Officer then M.A. will become infructuous. 3. None appeared on behalf of the assessee despite issuance of notice through registered post on various occasions as per the record. Accordingly, we are proceeding to decide the appeal on merits. 4. After considering the relevant finding given in the impugned order as well as the order of the Tribunal, we find that the addition pertains to unexplained cash found from the residential premises of the assessee for sums aggregating to 15,22,850/-. The assessee's contention had been that source of this cash are by way of withdrawals from M/s. Jain Manufacturing Company, which is the partnership concern....
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....f the cash, as per the details given by the assessee, 1 am afraid the explanation is too farfetched. There is no evidence to substantiate the claim that part cash are kept with various personnel. However the issue here is not the short cash found at the business premises but the cash found at the residence of the assessee. No doubt the preliminary statement cannot be ignored but I find that the assessee had not specified the break-up of the cash and instead has left it open-ended. The ostensible break-up of the cash was furnished during the assessment proceedings. The contention of the assessee that for security reasons part of the cash of the family concerns is kept with the Directors/partners to my mind is quite acceptable. Further the....
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....IT(A) to the extent of sustaining 50% on this issue and restore the issue of 50% of sustaining the addition shall not be subject matter of reconsideration because there is no departmental appeal preferred in this regard. In the result, ground No. 2 of appeal of the assessee is allowed for statistical purpose. Since the same has been set aside to the file of the Ld. CIT (Appeals), we are therefore, of the opinion that the balance amount of cash of 50% which has been deleted by the Ld. CIT (Appeals) on ad-hoc manner also deserves to be remanded back to on same reasoning and should be decided afresh after considering the assessee's explanation as well as the material on record. Thus, following the Tribunal order in assessee's appeal, ground ....