TaxTMI 
TaxTMI 
2001 (11) TMI 222
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....t that cash of Rs. 5 lakhs was discovered on 8th Sept., 1989, when a search was conducted. This date being relevant to the asst. yr. 1990-91, the appellant disclosed Rs. 4 lakhs as income from other sources. Regarding the balance of Rs. 1 lakh, its source was traced to withdrawals from M/s Devi Silks, a firm on which the appellant is a partner. The AO has sfrangely disbelieved this said amount and brought this addition of Rs. 1 lakh under s. 69 of the Act and this the CIT(A) ought not to have confirmed. The CIT(A) was convinced with the said withdrawals and even after ascertaining from the AO that there existed no evidence to show that the said withdrawals was utilised for any other purpose pronounced openly that she would delete the add....
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....authorities at the premises of one Shri Dinesh Chandra Mehta on 6th Sept., 1989. During the course of search an almirah was found at the above said place of Shri Mehta. On being asked to explain, it was contended by Shri Mehta that the almirah and its key belonged to Shri C. Govindappa, the assessee before us. Therefore, the said assessee was brought to the residence of the said Shri. Mehta and the almirah was opened with the key provided by the appellant. It was found that there were certain papers and cash of Rs. 5 lakhs belonging to the appellant. Consequently, information was sent to the IT authorities who reached the scene and a statement under s. 132(4) was recorded from the appellant. The appellant admitted to the ownership of the ca....
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....the assessee before us. 4. The learned counsel appearing on behalf of the assessee contended that the learned authorities have failed to appreciate the facts on a proper perspective. According to the learned authorised representative, the dispute was only in relation to Rs. 1 lakh and it is represented that the withdrawals from the partnership firm a few days before the search should be accepted as genuine. According to the learned authorised representative, the appellant was an illiterate weaver and having made a declaration of Rs. 4 lakhs would not have hesitated to offer the balance of Rs. 1 lakh but for the genuine fact that the said sum was comprised of the withdrawals made from the firm. According to him, it is an admitted fact tha....
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....he has stated that Rs. 1 lakh be treated as explained income and the balance of Rs. 4 lakhs be taken as unaccounted be accepted. 6. On the other hand, the learned Departmental Representative defended the order of the lower authorities in this regard. According to the learned Departmental Representative, the assessee during the course of his submissions has clearly stated that because of the dispute between the brothers consequent to the death of the assessee's father, the said amount was kept in the almirah with his friend for safe custody. Out attention was drawn to the statement on oath recorded under s. 132(4) on 11th Sept., 1989, which is forming a part of the paper book. According to the learned Departmental Representative, the fath....