COMMISSIONER OF INCOME TAX Vs. SANJAY RAJ SHOBHA

JUDGEMENT

(1.) During the search operation carried out by the revenue at assessee's premises at Subba Farm, 118 HS Village, Mehrauli, New Delhi, cash of Rs. 22,20,000 was recovered. In income tax return filed by the assessee, the assessee explained the Source of cash. The Assessing Officer, however, made addition of Rs. 24,20,000 as undisclosed income under Sec. 69 of the Income Tax Act on the aforesaid account. In the appeal filed by the assessee before the CIT (Appeals) the CIT (Appeals) recorded that the explanation furnished by the assessee was that the following persons/entities gave the below stated amounts to the assessee:

(2.) On the aforesaid basis, finding was arrived at by CIT (Appeals) that the assess has been able to give satisfactory explanation of the aforesaid cash of Rs. 22,20,000 lying with it. The ITAT in the appeal filed by the revenue has affirmed the aforesaid order of the CIT (Appeals). Thus, the concurrent findings are recorded by the two authorities below that the assessee has been able to duly explain the source of the cash amount recovered from him. It is also recorded that the aforesaid firms who had given the money to the assessee are the associate concerns of the assessee. Relevant discussion in this behalf contained in the impugned order of ITAT runs as under:

(3.) These are the concurrent findings of the facts.