The Tax Publishers2020 TaxPub(DT) 3700 (Jp-Trib)

INCOME TAX ACT, 1961

Section 132

Since whole cash was not found from possession of assessee and premises of sister concern were not premises belonging to assessee and assessee had duly reconciled cash found from assessee's books of account, addition of cash belonging to sister concern could not be sustained in assessee's hands.

Search and seizure - Under section 132 - Cash found at premises belonging to sister concern treated as unexplained in assessee's hands -

Assessee belonged to Ramesh Chand Manihar Group, Jaipur subjected to search under section 132. AO treated whole cash found during search (including that found at premises of assessee's sister concern) as cash belonging to assessee and made addition in assessee's hands. Held: Since whole cash was not found from possession of assessee and premises of sister concern were not premises belonging to assessee and assessee had duly reconciled cash found from assessee's books of account, addition of cash belonging to sister concern could not be sustained in assessee's hands.

Relied:M/s. Jai Amarnath Associates v. DCIT (ITA No. 1493/JP/2018, dated of 2-9-2019)

REFERRED :

FAVOUR : in assessee's favour

A.Y. : 2016-17

INCOME TAX ACT, 1961

Section 37(1)

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