Additions for unexplained cash cannot be made solely based on section 132(4) statements

Jewels Emporium Vs ACIT (ITAT Jaipur) From the record, we found that as on the date of search, the books of account of M/s Jewels Emporium were incomplete and the printouts of cash books as taken by the search team did not reflect the true and correct balance available which is made part of the seized papers. Under these circumstances the cash balance as appearing in such incomplete books of accounts and taken as recorded cash balance as per books as on the date of search is wrong being not updated. The statements recorded u/s 132(4) cannot be made the sole basis for making additions for unexp...