2018 (7) TMI 2340

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....Mrs. Mauna M Bhatt(174) For the Respondent No. 1 : None. ORDER [1.0] Feeling aggrieved and dissatisfied with the impugned order passed by the learned Income Tax Appellate Tribunal, Ahmedabad "A" Bench (hereinafter referred to as "the learned Tribunal") dated 12/02/2018 in IT(SS) No.108/AHD/2012 for the Assessment Year 2009-10 by which the learned Tribunal has dismissed the said Appeal pre....

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....on under Section 132 of the Income Tax Act was also issued in the case of the assessee. The assessee filed the return of income for the year under consideration declaring the total income of Rs.3,68,18,066/-. During the course of assessment, the learned Assessing Officer noticed the negative cash balance in the cash book for the period between 01/04/2008 to 22/09/2008 and the learned Assessing Off....

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.... Appeal before the learned CIT(A). Learned CIT(A) allowed the said Appeal and deleted the aforesaid addition of Rs.2,27,86,693/- on account of peak of negative cash. The order passed by the learned CIT(A) was the subject matter of Appeal before the learned Tribunal at the instance of the revenue. By the impugned order, learned Tribunal has dismissed the said Appeal preferred by the revenue and has....

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....d as a part of the overall disclosure, the same cannot be added in the total income as undisclosed investment. It is required to be noted that the learned Tribunal has rightly observed that such negative balance was made on unaccounted income and when necessary entries were made in the books of accounts, it is bound to result in negative cash balance. We are in complete agreement with the view tak....