Law:

Section:

Section 69A of the Income-tax Act, 1961 - Unexplained moneys - Assessee was engaged in money-lending and was also a partner of two tourist homes, one by name 'M' and other by name 'T' - During search, substantial amount was recovered from assessee - Assessee made a statement that said amount was withdrawn from accounts of tourist homes - However, simultaneous search was conducted in premises of those two tourist homes wherein department noticed that cash balance available in books of account was low to justify substantial amounts stated to have been withdrawn and retained by assessee - Therefore, assessment was completed treating cash found at time of search as unexplained cash assessable under section 69A - On appeals, Commissioner (Appeals) as well as Tribunal deleted addition made by Assessing Officer - On revenue's appeal, it was noted that none of authorities below had examined matter in detail, particularly in view of contention of assessee that amounts were withdrawn from accounts of two tourist homes - Further, even if assessee's explanation was accepted, then income should have been considered for assessment in hands of tourist homes, if these were owned by partnership firms - Whether since aforesaid aspects of case had not been taken into consideration while deleting impugned addition, orders passed by Commissioner (Appeals) and Tribunal were to be set aside and, matter was to be remanded back to Assessing Officer for revision of assessment after considering case afresh - Held, yes FACTS The assessee was engaged in money-lending and was also a partner of two tourist homes, one by name 'M' and the other by name 'T'. During the search, substantial amount of Rs. 22,13,480 was recovered from the assessee. The assessee made a statement that Rs. 5,43,000 was withdrawn from the 'M' and Rs. 4,04,000 was withdrawn from the 'T'. However, simultaneous search was conducted in the premises of these two tourist homes and the department noticed that cash balance available in the books of account was low to justify the substantial amounts stated to have been withdrawn and retained by the assessee. Therefore, assessment was completed treating the cash found at the…

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