2020 (1) TMI 51

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ncome-tax (Appeals) erred on facts and in law and on facts in allowing part relief to the extent of Rs. 1 lakhs out of total adtional made by the Assessing Officer of Rs. 4,50,000/-u/s 69A of the Act on account of cash found during the search. 1.1 That in any case and in any view of the matter, action of the ld. CIT(A) in confirming the action of the Assessing Officer in making addition of Rs. 3,50,000/- is bad in law and against the facts and circumstances of the case. " 3. Briefly stated, the facts of the case are that search was conducted at the residential as well as business premises of M/s SRS Group on 09.05.2012. At the time of search operation, an amount of Rs. 16.01 lakhs was found from the residential premises of the a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....gs, the assessee was once again asked to explain the source of cash in hand. The assessee furnished details of cash of each family member and the source thereof as under: 5. No Name Cash found in Source of Cash Amount Dated Supporting 1 Anil Jindal 175.966 Bank With drawal 200,000 20.04.12 Copy of Cash Statement/Bank Statement 2 Sunil Jindal 76.953 Bank With drawal 100.000 20.04.12 Copy of Cash Statement-' Bank Statement 3. Vmod Jindal 93533 Bank With drawal ...................... 100000 L ... ..... 20.04 12 Copy of Cash Statement/Bank Statement 4. G.S Jindal 176069 Bank With drawal 1,00,000 20.04.12 Copy of Cash Statements Bank S....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....were cash withdrawals of Rs. 2 lakhs on 29.02.2012 and Rs. 1 lakh on 20.04.2012 and the same covers cash in hand. 7. After considering the facts and submissions, the ld. CIT(A) was of the opinion that the total Stridhan of the wife of the assessee, as claimed, cannot be accepted. However, explanation was accepted to the extent of Rs. 1 lakhs on account of Stridhan and addition of Rs. 3,50,000/- was sustained. 8. Before us, the ld. counsel for the assessee reiterated what has been stated before the lower authorities. 9. Per contra, the ld. DR strongly supported the findings of the Assessing Officer. 10. We have given thoughtful consideration to the orders of the authorities below. The undisputed facts are that during the course o....