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Sec. 69A & 153A of Income Tax Act, 1961—Search & seizure—In the absence of working out of basic parameters regarding ownership of transactions as to how they culminate into determination of concealed income, the presumptive clauses provided u/s 132(4A) cannot be invoked.
Facts: The only issue involved in this case is the addition of cash seized during the search conducted in the premises on 18/09/2014 in the group cases of Shri ram murti smarak trust.
Held, that in the absence of working out of basic parameters regarding ownership of transactions as to how they culminate into the determination of concealed income, the presumptive clauses provided u/s 132(4A) cannot be invoked in the instant case. The evidence of cash as per books is in the knowledge of the department. It is not in dispute that the books of account as on the date of search have been seized/impounded by the revenue by the way of computer backups and hard discs. We have gone through the reconciliation filed by the assessee. The cash deposited in the bank account can be examined from the bank statement, which is to the tune of Rs.3,70,25,184/- an amount of Rs.4,83,18,695/- has been spent for expenses but not accounted for. The reconciliation statement has been rejected en-bloc by the revenue. The facts or the explanation given by assessee has not been examined by Revenue in a right perspective so as to determine the accountability of these amounts in the regular books or not. Hence, keeping in view the cash deposited in the bank, expenses, cash balance as per the books and cash found at the premises, the reconciliation filed by the assessee, we here by remand the matter to the file of the assessing officer for the limited purpose of verifying the cash balances with the regular books of accounts filed by the assessee as well as with the balance sheets and income and expenditure accounts available with the revenue along with the returns and the books of accounts available in the seized material. In order to arrive at a coherent decision, this exercise of verification shall be carried out under the effective supervision of the officer who authorizes the officers to file appeals before the tribunal so as to avoid duplication. - SHRI RAM MURTI SMARAK TRUST V/s ASSTT. CIT -  81 ITR (TRIB) 194 (ITAT-LUCKNOW)