2025 (6) TMI 1301

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....R KUMAR, JUDICIAL MEMBER . Assessee is before this Appellate Tribunal, feeling dissatisfied with the order dated 17.12.2024, passed by Learned CIT(A). 2. Vide impugned order, Learned CIT(A) has partly allowed the appeal filed by the assessee as regards addition relating excess cash of Rs. 8,81,310/-, offered during survey, claiming the same to be its business income. As regards the other ....

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....43(3) of the Act was issued to the assessee on 30.09.2020. It was followed by notice u/s 142(1) of the Act. 5. In reply to the notices, the assessee put forth his submission. 6. Case of the department is that during survey, one diary was found at the premises of the assessee. Said diary revealed that the assessee had given cash loans to the tune of Rs. 96,16,000/- to various debtors. During ....

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....d debtors, as found during survey proceedings, reflected the said amount under head "Business Income" in the ITR and also paid tax at normal rate, the department was not justified at all to claim tax on the said amount under the provisions of section 115BBE of the Act. In support of this contention, Ld. AR has relied on all the relevant documents available on record, and also to the authorities be....

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....dition as regards unaccounted/unexplained debtors. 10. It is not a case of the department that the Assessing Officer was having any incriminating material against the assessee so as to establish that the said amount of Rs. 96,16,000/- formed part of "income from other sources", and not the "income from business activity". Had it been so, the department would have been justified in seeking expla....