TaxTMI 
TaxTMI 
2019 (10) TMI 139
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....elating to the above assessee for Ays. 2007-08 to 2011-12 has partly allowed the appeal of the Assessee (ITA.No.1256/Hyd/2012) for Ay 2009-10. One of the issues that fell for consideration of the Hon'ble Tribunal was the cash found and seized of Rs. 4,00,62,250. Out of the above amount, Rs. 3 crores was found with Sri KRV UdayCharan Rao and Sri Harish Kumar Kundra on 17.03.2009 at Indira Gandhi International Airport, New Delhi and the balance amount of Rs. 1,00,62,250 was found in the business premises of the Appellant Company. When questioned about the cash, both Sri KRV UdayCharan Rao and the Sri Premsagar Rao, M.D. of the Company have stated that the money belonged to the Appellant and was out of withdrawals made from the bank and ou....
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....the paper book (Vol-III). In the course of the hearing, the Appellant pointed out at the letter dated 20.02.2016 issued by the Syndicate Bank, R.P.Road Branch, Secunderabad which clarified that all the four cheques (Cheque Nos.123112 to 129115) were utilized for cash withdrawals from current account no.30181010004411 by the Appellant. The cash withdrawn from bank along with cash from business operations was available with the Appellant as on the date of search 17.03.2009 and the Appellant accordingly had established the live link between the cash found and the source for the same. As a matter of fact, since authorities below could not look into the updated cash book in proper perspective, a submission was made requesting for remitting back ....
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....ng of fact and, therefore, it is a mistake rectifiable u/s 254(2) of the I.T.Act. 3. Ld.D.R. however, submitted that there is no mistake apparent from record which can be rectified u/s 254(2) of the I.T.Act. 4. Having regard to rival contentions and also the material placed on record, we find that the argument of the assessee has been that the cash found from Shri KRV Uday Charan Rao and Shri Premsagar Rao on 17.3.2009 at Indira Gandhi International Airport, New Delhi belonged to the assessee company i.e. M/s Sainath Estates Pvt.Ltd. and the source for the same has been stated to be withdrawals from the bank and the cash available from business operations. The Ld.Counsel for the assessee pointed out that as long as the amount withdrawn fr....