2018 (2) TMI 2112

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... P.B. Parmar ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. With this appeal, the Revenue has challenged the correctness of the order of the Ld. CIT(A)-I, Ahmedabad dated 14.11.2011 pertaining to A.Y. 2009-10. 2. The only grievance of the revenue is that the ld. CIT(A) erred in deleting the addition of Rs. 2,27,86,693/- made on account of peak of negative cash as undisclosed investments. 3....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e assessee and his brothers explained the negative cash position and the utilization and accordingly offered undisclosed income of Rs. 282.91 lacs. 6. The contention of the assessee did not find any favour with the A.O. who completed the assessment proceedings by making addition of Rs. 2,27,86,693/- as further undisclosed investment. 7. Assessee carried the matter before the ld. CIT(A) and reite....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Rs. 1,49,85,000/- (ii) Excess Stock Rs. 57,50,750/- (iii) Receivables Rs. 20,64,250/- (iv)Jewellery Rs. 12,56,888/-  Total Rs. 24056888/- 11. During the course of search, when negative cash balance of Rs. 2,27,86,693/- was confronted to the assessee, the partner explained that such negative balance was on account of payment made out of unaccounted income and the unaccounted income ha....