2025 (7) TMI 1692

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....g. A survey operation u/sec.133A of the Income Tax Act, 1961 [in short "the Act"] was conducted on 29.01.2019 in the case of the assessee. During the course of survey operation, on physical verification of office premises at G-7, 6-3-650, Maheshwari Chambers, Somajiguda, Hyderabad, total cash of Rs. 95,23,000/- was found in the Godrej safe in the office room of Sri Sajjan Raj Jain. Further, during the search operation, in the premises of branch office of the assessee at Plot No.9/A, MIGH, JSRV Plaza, SR Nagar, Hyderabad, cash of Rs. 78,17,790/- was found, resulting into total cash of Rs. 1,73,40,790/-. A sworn statement of Sri Sajjan Raj Jain was also recorded, in which, it was confirmed that, the cash of Rs. 95,23,000/- found in the Godrej....

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....im of the assessee that, cash seized by the Department was out of it's regular course of business activities, the same amount was offered as income, credited to it's profit and loss account and paid taxes accordingly. During the course of assessment proceedings, the Assessing Officer has verified the cash book for the period 01.04.2018 to 31.03.2019 and for the period 01.04.2018 to 31.04.2019 submitted by the assessee. The Assessing Officer noted that the assessee has shown cash balance of Rs. 1,75,15,646/- on the day before the survey and the same amount was continued after the survey in it's books of accounts. The Assessing Officer noted that, the assessee has introduced physical cash in the cash book to the extent seized by the Departmen....

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..... Aggrieved by the penalty order passed u/sec.271AAB of the Act by the Assessing Officer, the assessee preferred an appeal before the learned CIT(A). Before the learned CIT(A), the assessee did not appear nor filed any submissions and in absence of any documentary evidences filed by the assessee, the learned CIT(A) sustained the penalty levied by the Assessing Officer u/sec.271AAB of the Act Rs. 1,04,04,474/- being 60% of undisclosed income of Rs. 1,73,40,790/-. 6. Aggrieved by the order of the learned CIT(A) in sustaining the penalty levied by the Assessing Officer at Rs. 1,04,04,474/-, the assessee is now in appeal before the Tribunal. 7. CA, Maheswar Reddy, Learned Counsel for the Assessee submitted that, the assessee has not appea....