On appeal, the Tribunal held that, the assessee was an authorized money changer. This line of business required availability of cash in huge amounts as persons give dollars to be exchanged in Indian currency.\u00a0 The fact that the cash bundles carried the tag of PNB should not be given weightage as it was a common practice amongst all banks to issue currency bundles as received by them.\u00a0 Though the cash books were written on day-to-day basis, in practice there was always a time gap between the book entries.\u00a0 Further, not a single defect had been pointed out by the Assessing Officer in the books of account of the assessee when produced during assessment proceedings.\u00a0 The entire addition had been made on the basis of suspicions and surmises and such addition could not be sustained. (AY.2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69 : Unexplained investments – Undisclosed cash \u2014 Money changer \u2014 Business requirements \u2014 Cash bundles carrying tag of another bank \u2014 Common practice \u2014 Cash books written day-to-day basis but in practice always a time gap between book entries \u2014 No defect pointed out by Assessing Officer in books of account of assessee \u2014 addition on basis of suspicion and surmises not justified.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-12533","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3g9","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12533"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12533\/revisions"}],"predecessor-version":[{"id":12534,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12533\/revisions\/12534"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}