TaxTMI 
TaxTMI 
2025 (3) TMI 764
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....or the Assessment Period 2021-2022 in the case of one Gautham Chand Jain and Sumermal Kantilal Jain, the appellants herein. 2. It is admitted that there was a search conducted in the residence and office premises of the appellants on 31.03.2021 and a sum of Rs. 85,00,000/- in cash was seized from the residential and business premises of the appellants. The assessee's gave sworn statements under Section 131(4) of the Income Tax Act, 1961. While, Mr.Sumermal Kantilal Jain has declared a sum of Rs. 50,00,000/- as his commission income, Mr.Gautham Chand Jain, has declared Rs. 35,00,000/- as his commission income. They also agreed to pay tax on the excess cash which were not accounted in the books of accounts. Thereafter, the appellants filed t....
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....cash under Section 69A of the Income Tax Act even though the appellant stated under oath that it had earned commission income and duly complied with it and offered it as income from other sources. b) Whether the Income Tax Appellate Tribunal is right in law in assessing the seized cash as unaccounted cash under Section 69A of the Income Tax Act even though the appellant stated under oath that the said income is commission income which could be either assessed as income from other sources or business income. c) Whether the Income Tax Appellate Tribunal is right in law in levying tax on hypothetical income which has neither accrued/arisen nor received by the appellant as against real income by merely placing reliance on the statement of t....
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....section 68, section 69, section 69A, section 69C or section 69D, if such income is not covered under clause (a), the income-tax payable shall be the aggregate of - (i) the amount of income-tax calculated on the income referred to in clause (a) and clause (b), at the rate of sixty per cent; and (ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (i). (2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance or set off of any loss shall be allowed to the assessee under any provision of this Act in computing his income referred to in clause (a) and clause (b) of sub-section (1). ....
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.... Section 115BBE follows. 6. The contention of the learned counsel for the appellants that the declaration of income furnished as an information is sufficient to satisfy the department, cannot be countenanced. In fact, the Delhi High Court has dealt with a similar situation in Shashi Garg v. Principal Commissioner of Income Tax reported in [2020] 113 taxmann.com 92 (Delhi), wherein, in paragraph 9, it has been held as follows: "9. Burden to explain the source of cash deposit was on the appellant-assessee, who as per the finding has not been able to discharge this burden. The evidence on record is undisputed, and the inference and factual findings recorded we could observe are supported by cogent and weighty reasoning. Explanation of the a....