2019 (11) TMI 140

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.... failure on the part of the appellant, as specifically enumerated u/s 144. 2. On the facts and in the circumstances of the case the Assessing Officer has erred in making addition of Rs. 3,68,729/- on account of shortage of physical cash-in-hand as against the cash balance appearing in the books of the appellant. The above grounds of appeal may kindly be allowed to be altered, modified, amended, deleted etc." 3. Before me, at the outset, ld. Counsel for the assessee did not press the ground no.1 relating to the reassessment issue. Accordingly, the same is dismissed as not pressed. 4. Regarding the ground no.2 relates to the addition of Rs. 3,68,729/-, ld, counsel for the assessee submitted that this is the case where a survey actio....

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.... evidenced that this cash has been utilized for making expenditure which is booked later. The appellant has also not made such claim at the time of survey. Therefore, the same is treated as an afterthought and dismissed. The addition made by the AO is sustained." 5. Before me, ld. Counsel for the assessee submitted that, as on date, there is (i) addition of Rs. 2,87,754/- on account of unaccounted purchase of jewellery and (ii) addition of Rs. 3,68,729/- on account of cash shortage. It is the submission of the assessee that the said cash shortage is due to use of the some expenses. Further, ld. AR submitted the said cash also found way into the said excess stock jewellery. This argument was not accepted by the revenue authorities. In supp....