2024 (11) TMI 1588

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....of by order dated 28.11.2023 ex parte, qua the respondent assessee. However, while considering the application filed by the assessee under Rule 24 of Income Tax (Appellate Tribunal) Rules, 1964, the appellate order was recalled, and the appeal was restored to its original position. This is how, the appeal came up for hearing again before this bench. 3. Be that as it may, the sole issue arising for consideration is deletion of addition of Rs. 2,26,00,000/-, made by the Assessing Officer (AO) u/s. 69A of the Income Tax Act, 1961 ('the Act' for short). 4. The relevant facts for deciding this issue are, the assessee is a resident partnership firm and stated to be engaged in real estate business. For the assessment year under dispute, the ....

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....re first appellate authority. Being convinced with the submissions of the assessee, learned first appellate authority reversed the action of the A.O. in treating the income of Rs. 2,26,00,000/- as 'unexplained money' u/s. 69A of the Act. 6. Before us, learned Departmental Representative ('ld. DR' for short) strongly relied upon the observations of the A.O. Whereas, ld. Counsel appearing for the assessee relied upon the observations of learned first appellate authority. In fact, ld. Counsel for the assessee furnished a written synopsis supported by number of judicial precedents. 7. We have considered rival submissions and perused the materials available on record. We have also applied our mind to the decisions relied upon. Undo....

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.... 6 81 09.10.2017 15,00,000 7 31 18.10.2017 15,00,000 7 33 30.10.2017 15,00,000 7 37 15.11.2017 10,00,000     Total 2,26,00,000 Kindly explain the nature of these cash receipts and explain as to how these receipts are recorded in your books of accounts. Ans. I have checked my books of accounts as of date and I have noticed that these receipts are not recorded in the books of accounts. It appears to be an omission on the part of the accountant. These are recordings in my hand writing intended to be recorded in the books of account, as could be seen that these are recorded in a notepad where other petty cash transaction are also noted and recorded in a notep....