2024 (6) TMI 532

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....the A.Y. 2019-20. 2. In the instant case, the assessee had declared his total income at Rs. 13,43,340/- after claiming deduction of Rs. 1,83,502/- under chapter VI-A of the Act, by filing his return of income on 25.08.2019 which was processed under section 143(1) of the Act. Subsequently, on the basis of search carried out in the case of Bhilosa Group on 15.10.2018, the case of the assessee was also processed and consequently notice dated 25.09.2020 under section 143(2) of the Act was issued to the assessee. The assessee, in response to the notice, filed his reply and financials. On perusing the same the Assessing Officer (AO) observed that the assessee has shown to have earned salary from M/s. Omhari Textiles Pvt. Ltd. as well as rental....

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....e. 3. The assessee, being aggrieved, challenged the said addition before the Ld. Commissioner who affirmed the same by concluding as under: "That the assessee has not been able to furnish any documentary evidence in respect of his claims regarding the cash found. The only evidence is so called balance sheet as on 31.03.2019 while the fact remains that no such financial statements were shown during the course of the search. Moreover, the cash in hand position as on 31.03.2019 as per the balance sheet drawn much after the search in any case cannot explain the cash found on the date of the search i.e. 16.10.2018, also no cash book has been furnished to ascertain the day-to-day cash deposit". 4. The assessee, being aggrieved, cha....

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..... 1,83,502/-. As we have observed above that the assessee not only filed the balance sheet and cash book before the AO but also submitted the same vide paper book (page No.32) before the Ld. Commissioner in order to demonstrate the balance of Rs. 4,00,792/- recorded in the regular books of account. The assessee further in para-no.1.4 of his written submissions has also disclosed the source of Rs. 4,82,275/- having been accumulated/received from relatives on various occasions as well as by the family members of the assessee which the assessee has recorded in his books of account. However, the Ld. Commissioner not only failed to consider the balance sheet and cash book submitted by the assessee but in fact held contrary that the assessee has ....