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2008] 304 ITR 189 ( [2009] 177 TAXMAN 353 (PUNJ. & HAR.) HIGH COURT OF PUNJAB AND HARYANA Sunam Rice & Dal Mills * v. Commissioner of Income-tax ADARSH KUMAR GOEL AND RAJESH BINDAL, JJ. IT REFERENCE NO. 94 OF 1987 SEPTEMBER 27, 2006 Section 69A of the Income-tax Act, 1961- Unexplained moneys - Assessment year 1975-76 - During course of examination of cash book of assessee-company, Assessing Officer found that it had introduced cash in its books of account on 9-11-1973, showing it as cheque encashment received from bank - Assessing Officer took a view that since assessee-company needed money on said date for making payment to different parties, it had introduced assessee's unexplained money, showing it as receipt from bank - He also rejected assessee's explanation that money was received on 9-11-1973 but entry in respect of same was made on 12-11-1973 - Tribunal upheld addition made by Assessing Officer - On instant appeal, it was found that bank manager had given statement before authorities below that he had used his discretionary power to make payment to assessee after banking hours on 9-11-1973 and put date 12-11-1973 on cheque in his own handwriting - Thereupon cheque had been entered in books of bank as first entry of payment on next working day, i.e., on 12-11-1973 - Said statement of bank manager was corroborated by then cashier of bank - Whether, in aforesaid circumstances, it could be concluded that explanation given by assessee to Assessing Officer was correct - Held, yes - Whether, therefore, impugned addition was liable to be deleted - Held, yes FACTS During the course of examination of the cash book of the assessee-company, the Assessing Officer found that the assessee-company had introduced cash in its books of account on 9-11-1973, showing as cheque encashment received from the bank. The Assessing Officer took a view that since the assessee needed money on that date for making payment to different parties, it had introduced its unexplained money, showing it as receipt from the bank. The Assessing Officer also rejected assessee's explanation that money was received against cheque on 9-11-1973 but the entry was made on 12-11-1973. On an…

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