2023 (7) TMI 1594

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....s are similar basing on the same identical facts. Therefore, with the consent of both the parties, we proceed to hear both the appeals together and to pass a consolidated order for the sake of convenience. 3. First, we shall take up appeal of assessee in ITA No. 252/PUN/2023 for A.Y. 2018-19. 4. The assessee raised 11 grounds of appeal amongst which the only issue emanates for our consideration is as to whether the CIT (A) justified in confirming the order of AO in not treating the disclosed income during the survey as business income, consequently, charging the same u/s. 115BBE of the Act. 5. The brief facts of the case are that the assessee is an individual and conducts its business as proprietor of M/s. Mohan Dry Fruit. A s....

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....g from business activity of the assessee. By holding so the CIT (A) confirmed the order of AO in charging the additional income offered u/s. 115BBE of the Act. 6. The ld. AR, Smt. Deepa Khare submits that the CIT (A) incorrectly held that the additional income declared on account of excess cash and excess stock as deeded income u/s. 69A and 69 of the Act, respectively and no consideration was given to the contention that the excess cash and excess stock found, was the result of unrecorded business receipts. She argued that the amounts of excess cash and excess stock were duly recorded in the books of account and paid taxes treating the same as business income. The finding of CIT (A) is not justified in treating the same as unexplained wi....

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....0/- u/s. 139(1) of the Act which is inclusive of excess stock and excess cash offered during the course of survey. The AO and the CIT (A) was of the opinion that both the excess stock and excess cash found during the course of survey are not recorded in the books of account at the time of survey and attracts the provisions u/s. 69 and 69A of the Act, therefore, both the charged u/s. 115BBE of the Act. A contention raised before us that the excess stock and excess cash found and offered during the course of survey were not recorded in the books of account then and same were considered in the financials as on the last day of financial year i.e. 31-03-2018 supports the answers given by the assessee to Q. Nos. 20 and 21 which are reproduce....