2026 (4) TMI 973

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..../s 143(3) of the Act pertaining to Assessment Year 2023-24. 2. Brief facts of the case are that assessee is a Private Limited company and filed its return of income on 17.10.2023 declaring total income of INR 5,63,770/-. A search and seizure action was carried out u/s 132 on 10.01.2023 in the case of Goyal Gases Group of cases of which assessee is one of the members and therefore, the proceedings u/s 153A were initiated in the case of the assessee. Notice u/s 143(2) was issued on 24.06.2024 followed by various notices issued u/s 142(1) alongwith questionnaires from time to time which were duly replied. AO observed that during the course of search, one Locker No.1201 maintained with South Delhi Vaults and Credits Ltd., D-1097, New Friends....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in the hands of the M/s. Goyal M G Gases (P.) Ltd. and cash in hand of the assessee company was of INR 3,413/-. Thereafter, AO treated the cash of INR 24,58,590/- as unexplained and added the same as unexplained money u/s 69A of the Act and invoked the provision of section 115BBE of the Act. Accordingly, the total income of the assessee was assessed at INR 30,22,360/-. 3. Against the assessment order, assessee preferred an appeal before Ld. CIT(A) who vide impugned order dated 24.07.2025, dismissed the appeal of the assessee. 4. Aggrieved by the order of Ld. CIT(A), assessee is in appeal before the Tribunal by taking various Grounds of appeal as stated in appeal memo. 5. All the Grounds of appeal are with respect to the confirmati....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arch, total cash seized was of INR 3,59,99,000/- from various premises of Goyal Gases group and during the course of post search proceedings, assessee filed a chart placed at page 76 of Paper Book, as per which cash in hand as on the date of search of various group companies was submitted. As per the said chart, cash in hand of INR 3,26,05,602/- was of M/s Goyal M G Gases (P.) Ltd. Ld. AR submits that in the case of M/s. Goyal M G Gases (P.) Ltd., cash sales of scrap from Sahibabad Unit were of INR 3,56,77,839/- and in support copy of sales register was filed which is placed at page 57 to 65 of Paper Book. Ld. AR submits that out of the cash sales, some cash was kept in the Locker which was found during the course of search. Ld.AR submits t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....40,410/-. It is further observed that the AO in para 8.5 has stated that this cash of INR 45,40,410/- was belong to M/s. Goyal MG Gases Pvt. Ltd. and made the addition of differential amount of INR 24,58,590/- as unexplained money of the assessee. However, no details whatsoever was provided as to how these figures were worked out by the AO. Surprisingly, when the cash in hand as on the date of search of INR 3,69,02,334/- was admitted by one of the group company namely M/s Goyal MG Gases Pvt. Ltd., worked out after completing its cash book, which has not been doubted, claim of the assessee that part of it was kept in the locker cannot be denied without any contrary material brought on record. the AO has not stated as to why he has taken the ....