TaxTMI 
TaxTMI 
2025 (2) TMI 1787
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.... 69C, ignoring the fact that the AO in the para 5.2.1 to 5.2.9 of the assessment order has clearly demonstrated the fact that the cash book submitted by the assessee in respect of M/s Krishi Seva Kendra is fabricated and has been prepared just to save the assessee. 3. The Ld.CIT(A) has erred, in deleting the addition of Rs. 1,60,11,817/- as unexplained expenditure u/s 69C by holding that the excel sheet on the basis of which addition was made does not belong to the assessee, ignoring the fact that the excel sheet was recovered from the PC_3 belonging to the assessee which was found at office premises of assessee during the course of survey proceedings. 4. The Ld.CIT(A) has erred in deleting the addition of Rs. 7,70,000/- as unexplained cash credit u/s 68, ignoring the fact that the assessee during the course of assessment proceedings failed to explain as to why he had withdrawn money from an account maintained exclusively for making statutory payments on behalf of his clients." 3. Facts in Brief:- 1. The assessee is an individual and partner of firm Jodh Joshi & Co. For the year under consideration, the assessee filed his original return of income under section....
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....n classes has actually been provided to them. The appellant has failed to provide any documentary evidence in support of his claim. Therefore, the explanation given by the appellant in respect of cash deposits of Rs. 93,000/- is not acceptable. The Ld. AR submitted that the appellant is an old age Chartered Accountant and has an inclination towards teaching the young generation and was therefore teaching small batch of students. Owing to the fact that the students were in limited numbers there was not a need of rented premise. The appellant has provided list of students along with the fees charged. Further, the Ld. AR corroborated this fact by travelling through Income Tax return and computation and underscoring the amount shown as "INCOME FROM CLASSES" of Rs. 2,00,000/- and rental income of Rs. 3,60,000/-. I am convinced and inclined towards the argument of Ld. AR that the appellant was engaged in imparting tuition. The tuition fees are also part of computation of the appellant and the Ld. AR has also produced list of students. I also find force in the argument of the Ld. AR that there have been no adverse evidences brought on record by the AO to state that the c....
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....lant on the Excel Sheet. Furthermore, the nature of expenses so Snentioned on the excel sheet that in sales promotion expenses and others does not have any relation with the noire of profession that is CA professional consultancy. The Ld. AR produced an excel sheet printout of containing around 6985 rows. The Ld. AR explained with through the excel sheets that these 6985 rows are filtered out in 140 rows for the better understanding of the article assistant. The Ld. AR stated that the excel sheet is the cash and bank book of the client which contains the total payments made by the client during the FY 2018-19 out of white which were done in cash were filtered out with the column Particulars. expenditure mentioned in the column particulars. Further, the Ld. AR stated that the excel sheet where the particular rows wherein no narration is given particulars are the sub-total values of various different ledgers and has no relation with cash expenditure. On perusal of the excel sheet it is seen that the figure of Rs. 1,60,11,817/- includes Rs. 1,52,14,660/- which is a sum of sub-totals in the excel sheet. It is further contended that a filter was applied to the column P....
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....und No. 5: This ground of appeal pertains to whether the Ld. AO is correct in law and fact in passing an order making an addition to the tune of Rs. 7,70,000/- as unexplained cash credit u/s 68 for withdrawal of cash from Indian Overseas Bank. The Ld. AR submitted that the appellant is a Chartered Accountant by profession and has to make various statutory payments on behalf of the clients of appellant. Therefore, the appellant maintained a current bank account in the Indian account Overseas Bank, Ramnagar Nagpur baring no. 08750200000837. The Ld. AR stated that the appellant had received a sum of Rs. 60,17,705/- in cash in his bank account from various clients to make payment on their behalf. The AO observed in para 5.2.1 of the order that the appellant has withdrawn a sum of Rs. 7,70,000/- from the bank account for his personal use. The Ld. AR rebutted it by stating that there are various challans and payments Taxe various departments part from Income Tax department which accepts that has to be made in cash because of non-availability of online payment facility or sometimes because of non-functioning of websites etc. Further, there ath challans like VAT, PF, PT e....
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....hereby upheld by dismissing ground no.1, raised by the Revenue. 8. Regarding the addition of Rs. 1,60,11,817, on account of unexplained expenditure under section 69C of the Act is concerned, the learned Departmental Representative strongly supported the assessment order passed by the Assessing Officer and on the other hand the learned Authorised Representative for the assessee vehemently supported the impugned order passed by the learned CIT(A). We have gone through the order passed by the Assessing Officer and the learned CIT(A) as well. We find that the learned CIT(A) gave a categorical finding that the Excel Sheet is a filtered Excel Sheet and 140 rows out of total 6985 rows. Going through the unfiltered Excel Sheet comprising of 6,985 rows shows that there are various heads which are collected at a place. From the form and structure of the Excel Sheet, it is clearly visible that the Excel Sheet is a non-finalized Excel Sheet, as the figures are not matching and the dates are not in chronological manner. The learned CIT(A) gave further finding that accepting the submissions of the assessee, the contents of Excel Sheet like sales promotion expenses and staff salary expenses do....