2012 (9) TMI 1226

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....a Prasad. ORDER T. K. Sharma, J. M. This appeal by the assessee is against the order dated 27.3.2012 of CIT(A)-IV, Rajkot confirming addition of an amount of Rs.2,65,668/- made by the AO treating the same as unexplained expenditure on account of negative cash balance for the assessment year 2000-01. 2. Briefly stated facts of the case are that the assessee is a Company. A survey action....

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....ice issued by the AO, one of the shareholder attended the and submitted that the assessee-company has already closed its business activities since long and there is no business activities . With regard to the negative cash balance of Rs.2,65,668/-, the shareholderrepresentative has shown his inability to explain the same. Since the assessee-company failed to explain the negative cash balance, the ....

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....e facts and considered each and every contention of the assessee and upheld the action of the AO in making the addition of Rs.2,65,668/- u/s 69C of the Act to the total income of the assessee. Aggrieved by the order of the ld.CIT(A), the assessee is in appeal before the Tribunal. 4. At the time of hearing, before us, Shri D.R.Adhia, the ld. AR for the assessee appeared and produced the decision....

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.... these circumstances, the addition of Rs.2,65,668/- u/s 69C has rightly been made by the AO and confirmed by the ld. CIT(A). 5. Having heard both the sides, we have carefully gone through the orders of the authorities below. In our considered opinion, the decision of the Tribunal in the case of Shri Valjibhai B Khunt (supra) as relied by the assessee before the ld. CIT(A) and even before us is ....