2025 (3) TMI 2085

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....-out on the appellant on 30.08.2016. During the course of search in the residential premises of the assessee, cash of Rs. 11,57,700/- was found. In his deposition, u/sec.131(1) of the Act on 03.11.2016, the assessee in answer to Question No.7 has stated that he is not maintaining any books of accounts at his residence and, therefore, offered Rs. 11 lakh as his regular income for the financial year 2016-2017. Consequent to search, the assessee has filed return of income and admitted total income of Rs. 14,93,080/- which includes additional income of Rs. 11 lakhs admitted towards cash found during the course of search. The assessee has paid taxes at normal rates. The case of the assessee has been selected for scrutiny and during the course of....

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....e Tribunal. 5. Learned Counsel for the Assessee submitted that learned CIT(A) erred in upholding the reasons given by the Assessing Officer to assess the additional income offered by the assessee under the head "Income from business" as unexplained money and brought to tax u/sec.115BBE of the Act, without appreciating the fact that, except income from business, the assessee does not have any other source of income. Learned Counsel for the Assessee further referring to statement recorded from the assessee submitted that the assessee stated that he does not maintain books of accounts in his residence. The fact remains that the assessee was into business of trading in consumer products and has maintained regular books of accounts. Although,....

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....l income is 'an income generated from the business or profession or unexplained money of the assessee'. Going by the evidences filled by the assessee, there is no dispute with regard to the fact that the assessee was into business of dealing consumer products and except income from business and that the assessee does not have any other source of income. Further, even in the statement, the assessee does not say that he never maintained any books of accounts for his business activity. However, the assessee only stated that there is no books of accounts at his residence to explain the cash found during the course of search. Therefore, the reasons given by the Assessing Officer only on the basis of statement recorded from the assessee that addi....