2023 (6) TMI 522

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....to be deriving income from real estate dealings on brokerage commission basis. During the course of election related surveillance on 06.04.2011, Shri I. Vinayakamoorthy, Cooperative Sub-Registrar, Sankagiri and his team intercepted a vehicle and found that the above assessee was in possession of cash of Rs.. 8,95,715/-. As the assessee could not offer any satisfactory explanation about the source for the cash, the same was seized by the state authorities and this fact was informed to the Income Tax Department. Thereafter, the cash of Rs.. 8,95,715/- was requisitioned under section 132 of the Income Tax Act, 1961 ["Act" in short] by the DDIT (Inv.), Salem from the Co-op. Sub-Registrar, Sankagiri on 08.04.2011 and the entire cash seized by th....

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.... under section 142(1) of the Act dated 27.03.2015. Though the assessee filed fund flow statement on 19.03.2015, in the absence of any credible evidence furnished in support of the fund flow statement, the assessee's fund flow statement could not be construed as true and correct and accordingly, the Assessing Officer rejected the same. Accordingly, the Assessing Officer treated the cash found and seized from the assessee on 08.04.2011 of Rs.. 8,95,715/- as undisclosed income of the assessee under section 69A of the Act and brought to tax. On appeal, the ld. CIT(A) confirmed the assessment order by dismissing the appeal filed by the assessee. 3. On being aggrieved, the assessee is in appeal before the Tribunal. None appeared on behalf of t....