Vinod Kumar Bajaj Vs DCIT (ITAT Delhi)
Conclusion: ‘Gupt Daan’,a secret gift regarding unexplained cash in a Religious Trust locker was pertaining to RNB Temple Trust and was already brought on record to the extent of Rs.1,79,00,000/- which was evident from the Balance Sheet submitted. Accordingly, there was no evidence brought on record to show that this cash belonged to the members of Bajaj Family except applying presumption.
Held: In the instant case, lockers kept in the name of Vikram Kumar Bajaj and assessee were searched and cash found in locker no.72 of Federal Bank and Rs.41,00,000/- and locker no.299 of SBI of Rs.22,00,000/-. After considering assessee’s submissions, these cash were belonged to RNB Temple Trust and Ram Bajaj Foundation. After analysing various evidences submitted before CIT (A), CIT (A) gave a clear finding that the cash found during the search relating to RNB Temple Trust to the extent of Rs.1,75,00,000/- and he sustained the addition of only Rs.4,00,000/- even though there was a cash balance outstanding in the RNB Temple Trust to the extent of Rs.1,79,00,000/-. CIT (A) gave relief to the extent of Rs.1,75,00,000/- only by observing the Balance Sheet that the funds earmarked for temple construction was only Rs.1,75,00,000/- and he had not considered the actual cash in hand with the Trust. It was held that what was relevant was cash available with the Trust. As per the Balance Sheet submitted, it clearly indicated that the Trust held cash in hand to the extent of Rs.1,79,00,000/-. Therefore, the cash found in the locker which pertained to RNB Temple Trust was already brought on record to the extent of Rs.1,79,00,000/-. Accordingly, the addition sustained by the CIT(A) to the extent of Rs.4,00,000/- was already explained. Therefore, this addition of Rs.4,00,000/- was also allowed.
