Case Law Details
Sunil Kumar Ahuja Vs ACIT (ITAT Hyderabad)
ITAT Hyderabad held that CIT(A) wrongly deleted the addition as nature of entries found in the cash book which were not recorded in the day book was not considered.
Facts- During the course of assessment proceedings, on verification of the cash book and daybook, AO noted that number of cash receipt received as per cash book are not reflecting in the day book.
AO, therefore, asked the assessee to explain the discrepancies. The assessee explained that there are mistakes in daybook and cashbook originally submitted and filed another cash book. However, AO rejected the explanation of the assessee and treated the cash receipts appeared in the cash book as above as unaccounted income and added an amount of Rs.2,44,14,000/- to the income of the assessee u/s 68 of the I.T. Act. In appeal, the learned CIT (A) deleted the addition.
Being aggrieved, revenue has preferred the present appeal.
Please become a Premium member. If you are already a Premium member, login here to access the full content.