ANIL KUMAR GUPTA,DELHI vs. ITO, WARD 49(3), NEW DELHI

This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-27, New Delhi (hereinafter referred to as 'the CIT(A)') dated 30.05.2023, for assessment year 2019-20.

Brief facts of the case as emanating from records are: A search & seizure operation u/s. 132 of the Income Tax Act,1961(hereinafter referred to as ‘the Act’) was conducted in Fakir Chand Lockers and Vaults Pvt. Ltd. on 14.12.2018 The assessee was having one of the lockers i.e Locker No. 245 at 6704A Khari Baoli, Delhi. The aforesaid locker was also covered under search and seizure (AY 2019-20) action. During the search operation cash of Rs.18,50,000/- was found and seized from the said locker. Notice u/s. 142(1) of the Act was issued to the assessee. The assessee explained that the cash of Rs.18,50,000/- in the locker was out of cash in hand available in the books of M/s. Shree Balaji Trading Company. In support of his submissions, the assessee furnished copy of cash book from 01.04.2018 to 31.10.2018. The AO rejected the explanation furnished by the assessee and made addition of Rs.18,50,000/- u/s. 69A r.w.s 115BBE on account of unexplained money. Aggrieved by the assessment order dated 16.06.2021 passed u/s. 143(3) of the Act, the assessee filed appeal before the CIT(A). The assessee reiterated his contentions before the CIT(A). The assessee remained unsuccessful before the First Appellate Authority. Hence, the present appeal.

The appeal was filed by the assessee in July 2023, thereafter; appeal was listed for hearing on ten occasions. The notices of hearing through RPAD were sent to the assessee on the address provided in Form No.

Despite repeated notices none appeared to represent the assessee. On two occasions, written request for adjournment were received. It seems that the assessee is not interested in pursuing the appeal. Therefore, the appeal is taken up hearing with the assistance of ld. DR and the material already available on record.

Shri Ashish Tripathi, representing the Department placed reliance on the decision of CIT(A) and prayed for dismissing appeal of the assessee.

A perusal of the impugned order reveals that the consistent stand of the assessee with respect to seizure of cash Rs.18,50,000/- from Locker No. 245 at Khari Baoli, Delhi is that the said cash represents cash in hand available in the books of M/s. Shree Balaji Trading Company. The explanation furnished by the (AY 2019-20) assessee is rejected by the CIT(A), as well. No contrary material is available before us to reject the findings of lower authorities. Hence, we find no merit in the appeal of assessee, the same is dismissed being devoid of any merit.