2018 (4) TMI 407

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....nd circumstances of the case, the ITAT was justified in deleting the additions of Rs. 24825300/- made by the Assessing Officer on account of undisclosed cash receipt which was based upon documents seized during the course of search. ii) Whether in the facts and circumstances of the case, the ITAT was justified in deleting the addition of Rs. 24825300/- made by the AO on account of undisclosed cash receipt which was based on documents seized during the course of search. Such documents contained specific details such as ate of sale, cash consideration and the cheque consideration, area, total amount, name of persons etc. which clearly indicate that transaction are composite and cash amount received on account of on money. ii....

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....tioned on this paper may be out of books and if after verification of accounts, these receipts are not found recorded in books, the same would be offered for tax. Thereafter, in statement dated 11.02.09, in reply to Q.No.6 (PB 44), he stated that the cash amount mentioned on this paper is not recorded in the books. Some person give him the extra amount for carrying out the furnishing and finishing work. This amount has no link with the business of the firms and on such amount he agreed to pay the tax by applying the profit ratio. Again in Q. No. 19 (PB 47-48) with reference to Annexure A-6/20-24, assessee stated that the cash amount mentioned on these papers is towards the furnishing of the flats which has nothing to do with the business of....