2004 (8) TMI 45

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.... appeal is directed against the order of the Income-tax Appellate Tribunal, Chandigarh Bench "B", Chandigarh (for short "the Tribunal"), dated August 26, 2003 whereby the addition made by the Assessing Officer amounting to Rs. 14.20 lakhs on account of unexplained cash, has been deleted. The premises of the assessee were searched under section 132 of the Income-tax Act, 1961 (for short "the Act....

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.... after appraising the seized material, has found that the assessee had correctly pointed out that he had sufficient cash in hand on the date of search to cover the amount of Rs. 14.20 lakhs seized during the search. The relevant findings are recorded as under: "... After hearing the rival submissions, we find that seized document A-35 reads as under: -----------------------------------------....

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....cash in hand. Even the Assessing Officer has not brought on record any iota of evidence which may prove that this amount had already been spent by the assessee by the time the search was conducted at the premises of the assessee. Even no document/books were found at the time of search which may prove the outflow of the said amount available with the assessee. In our opinion, the assessee is not re....