2018 (1) TMI 587

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....venue : Smt. Suman Malik ORDER PER S. RIFAUR RAHMAN, AM: This appeal is filed by the assessee against the order of CIT(A) - 9, Hyderabad dated 30/12/2016 relates to the AY 2008-09. 2. Briefly the facts of the case are that the assessee filed his return of income for the AY 2008-09 on 18/07/2008 declaring total income of Rs. 8,62,290/- and agriculture income at Rs. 49,100/-. Assessment ....

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....ceedings, assessee submitted that cash found during search is out of accumulation of cash withdrawals of earlier period and the same is supported by the cash available in the books. These notes were exchanged with new currency which are serially numbered. 5. The CIT(A) after considering the submissions of the assessee, confirmed the addition made by the AO by observing as under: 5. I h....

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....t forward now and there is no evidence furnished to substantiate this new claim even during the assessment proceeding or appellate proceedings. If the claim of the assessee is correct then the money in serial numbered notes should have come from a single source the details of which the assessee is not in a position to furnish. Therefore, the argument of the assessee is treated to be only an aftert....

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....merely on the ground that the cash is found in serially numbered notes. 3. The learned CIT(A) failed to appreciate that what is legally required is whether there is source for holding such amount of cash and not the form in which it should be available and thereby erred in holding the cash found to be unexplained and confirming the addition. 4. Any other ground that may be urged ....