During the survey proceedings in the premises of the Assessee, actual cash of Rs. 11,800\/- was found as against the cash in hand of Rs. 18,00,312\/- which was shown in the books of account and therefore, there was a shortfall to the tune of Rs. 17,88,512\/- The Assessing Officer made addition under section 69C of the Act and also taxed the said amount under section 115BBE of the Act. The addition was affirmed by the CIT( A ). \u00a0The question before the \u00a0Appellate Tribunal was whether, based on the difference\/shortfall between the actual cash found during survey proceedings and the cash shown in the books of account, the addition u\/s 69C of the Act is warranted. \u00a0Following the Judgement in ITO v. Kesarwani Sheetalaya (2019) 110 taxmann.com 415 (All.)(HC), and Sarang & Associates vs. DCIT (ITA No. 1227 to 1229\/Mum\/2012 decided on 21.03.2018, \u00a0the Honourable Appellate Tribunal deleted the addition. \u00a0\u00a0(ITA No.2110\/ Mum\/ 2023 dt . 27 -9 -2023 )( AY. 2018 -19 ) \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69C : Unexplained expenditure -Unexplained investment \u2013 Unexplained money – Survey \u2013 Cash found less than the amount disclosed in the books of account \u2013 Addition cannot be made as an unexplained investment. [ S. 69, 69A,115BBE , 133A, 145 ] <\/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_post_was_ever_published":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":""},"categories":[21],"tags":[],"class_list":["post-37694","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9NY","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37694","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=37694"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37694\/revisions"}],"predecessor-version":[{"id":37695,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37694\/revisions\/37695"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=37694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=37694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=37694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}