Tribunal held that as on the date of search, a sum was found in cash in the residence of the assessee, which the assessee explained as representing the book balance and stated that there was no unaccounted or unexplained cash. \u00a0In support of the availability of the cash balance, the assessee filed a cash flow statement for the financial years 2007-08 to 2012-13, which indicated that there was a huge cash balance available with the assessee for the year ended March 31, 2012 and March 31, 2013. \u00a0The assessee filed the wealth-tax returns in response to the notice issued by the AO under section\u00a017\u00a0of the\u00a0Wealth-tax Act, 1957\u00a0and the assessments were accepted by the Department taking the cash balance as per the wealth-tax returns and no defects were found. \u00a0Therefore, the cash flow statement could not be discarded. \u00a0Neither the Assessing Officer nor the CIT(A) had found any defect in the cash flow statement submitted by the assessee during the wealth-tax proceedings. Therefore, the cash balance available as on the date of search was treated as explained and no addition was warranted. \u00a0(AY. 2012-13, 2013-14).<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69A : Unexplained money-Income from undisclosed sources- unexplained cash-Cash flow statement accepted in wealth-tax assessment not to be discarded-Cash balance available as on date of search treated as explained. [S. 132]<\/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":[1],"tags":[],"class_list":["post-8625","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2f7","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8625","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=8625"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8625\/revisions"}],"predecessor-version":[{"id":8626,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8625\/revisions\/8626"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}