AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2023 (8) TMI 28
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....d. 2. The Ld. CIT erred in law and on facts in holding that appellant has not furnished any details of nature and sources of undisclosed income of Rs. 1,01,00,000/- admitted during the survey and as such it is required to be tax U/s 69A r.w.s 115BBE of the Act. The Ld. CIT has failed to appreciate that A.O has passed the order after proper verification of documents submitted in response to notice U/s 142(1) of the Act. The erroneous Order of Id. CIT deserves to be quashed. 3. Ld. CIT ought to have appreciated that non discussion of issues verified and accepted by A.O after proper scrutiny need not mean order as erroneous or prejudicial to the interest of revenue. 4. The Ld. CIT has erred in law and on facts for not providing opportunity being heard in person in spite of being specifically requested. The Ld. CIT ought to granted said opportunity. The denial of personal hearing is against principle of Natural Justice that deserve to be quashed. 5. The Ld. CIT erred in law and on facts in holding that the provisions of Section 269ST applies to the undisclosed income declared during the survey. The Ld. CIT failed to appreciate that A.O passed the order after proper ve....
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....ed during the course of assessment proceedings. Accordingly, the assessment order was held to be erroneous and prejudicial to the interests of the Revenue. 4. Before us, the counsel for the assessee submitted that in the instant facts, the provisions of section 115BBE are not attracted in the first instance for the reason that certain unaccounted money was admitted by the assessee during the course of survey proceedings, which was also reflected by the assessee in the return of income filed by the assessee for the impugned assessment year. However, with respect to the aforesaid unaccounted money received by the assessee outside the books of accounts, the provisions of section 69A of the Act are not attracted at all, as is evident from the bare reading of the statutory provisions. The second contention of the counsel for the assessee was that that vide notice dated 11-10-2019, the AO had made a specific enquiry with respect to details of income declared by the assessee of Rs 1,01,00,000/-. Accordingly, it is not a case where there was lack of enquiry or inadequate enquiry being made by the AO during the course of assessment proceedings. Further, Department has accepted the aforesai....
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....remises of the assessee . It may be useful to note that section 69A of the Act states "Where in any financial year the assessee is "found" to be the "owner" of any money, bullion, jewellery or other valuable article.....". Therefore, section 69A of the Act does not state /envisage actual cash having being found at the assessee's premises during the course of search. All that is required for invoking provisions of section 69A of the Act is that the assessee is "found" to be the "owner" of money during the course of survey. There is a marked difference between "money/ cash" being "found" at the premises of the assessee and the assessee being "found" to be the "owner" of money /cash". Section 69A of the Act only contemplates of the latter situation. An assessee can be "found" to be the "owner" of money/cash on the basis of seized documents/ diary/ the statement of the assessee or working partner of an assessee firm made during the course of search. In the instant facts, admittedly certain diary noting was found and further the working partner of the assessee firm admitted to certain undisclosed income in cash outside the books of accounts. Therefore, there is no restriction in invokin....
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....ey is generally transacted in cash and large amount of unaccounted wealth is stored and used in form of cash. In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black money, it is proposed to insert section 269ST in the Act to provide that no person shall receive an amount of three lakh rupees or more,- (a) in aggregate from a person in a day; (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account. It is further proposed to provide that the said restriction shall not apply to Government, any banking It is also proposed to insert new section 271DA in the Act to provide for levy of penalty on a person who receives a sum in contravention of the provisions of the proposed section 269ST. The penalty is proposed to be a sum equal to the amount of such receipt. The said penalty shall however not be levied if the person proves that there were good and sufficient reasons for such contravention. It is also....