2012 (9) TMI 1223

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..... For the Opponent : None. ORDER Per : HONOURABLE MR. JUSTICE V. M. SAHAI We have heard Mr. Manav A. Mehta, learned Central Government Standing Counsel appearing for the Revenue in this Tax Appeal which has been filed on the following proposed substantial question of law :- "Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right i....

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.... the Act was issued on 14.10.2005 for the Assessment Year 1999-2000 to 2004-05 which was served on the assessee on 15.10.2005. The assessee filed his return of income on 20.9.2005 declaring his total income of Rs. 3,22,001/-. A notice under Section 143(2) dated 31.1.2006 was issued and served on the assessee on 7.2.2006. Subsequently, a notice under Section 142(1) along with questionnaire was issu....

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.... 25 Lacs at Mumbai office and the cash so sent was also recorded on the date of search. Therefore, the assessee's version was supported as per the cash book of Mumbai office. The Assessing Officer has made the addition of Rs. 25 Lacs on suspicion. The CIT (A) deleted the additions made by the Assessing Officer. The relevant part of the findings recorded by the CIT (A) in paragraph 6 is extract....

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.... be transferred. The evidence that the appellant had at the time of search itself explained that such cash was out of the cash balance as per the books of Mumbai and it is recorded in the said cash book is sufficient to prove that the cash was duly accounted for. Considering all these aspects, I hold that the addition of Rs. 25 Lacs made by the A.O. deserves to be deleted. This ground of appeal is....