Kim Pharma Pvt. Ltd. v. CIT (P&H)

Sh. Roshan Lal Jindal, Chandigarh vs. DCIT, CC-1, Chandigarh

In the result, the appeal filed by the assessee is,

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं./ Ita No.1555/Chd/2017 "नधा"रण वष" / Assessment Year : 2009-10

…d undisclosed income in the return under the head “Income from Business” no penalty u/s 271AAA was leviable . In view of the aforesaid decision, surrender of cash of Rs.11 lacs, the Ld.CIT(A) held that as per the decision of the Hon'ble Vs. CIT (P&H) (2003) 258 CTR 458, the same was assessable as deemed income of the assessee u/s 69A of the Act and not business income and since no explanation with regard to the same has been furnished, penalty u/s 271AAA on the same was upheld. The relevant findings of the Ld.CIT(A) at para 5- 5.4 of his order are as under: “5. Decision:- I have considered the basis of penalty…

Sh. Amit Jindal, Chandigarh vs. DCIT, CC-1, Chandigarh

The appeal of the assessee is allowed

…etter dated 22.07.2008 and it was in the surrender letter itself stated as unexplained cash found in residential premises during search operations. It has been held by the Hon'ble Jurisdictional High Court in the case of Kim Pharma (P) Ltd vs CIT (P&H) [2013) 258 CTR 458 that where amount surrendered during survey was not reflected in books of accounts and no source from where it was derived was declared by the assessee, it was assessable as deemed income of assessee u/s 69A and not business income. In view of the above referred judgement, cash found is held as unexplained as no from which it is derived. Thus, wi…

Sh. Ashok Jindal, Chandigarh vs. DCIT, CC-1, Chandigarh

The appeal of the assessee is allowed

…etter dated 22.07.2008 and it was in the surrender letter itself stated as unexplained cash found in residential premises during search operations. It has been held by the Hon'ble Jurisdictional High Court in the case of Kim Pharma (P) Ltd vs CIT (P&H) [2013) 258 CTR 458 that where amount surrendered during survey was not reflected in books of accounts and no source from where it was derived was declared by the assessee, it was assessable as deemed income of assessee u/s 69A and not business income. In view of the above referred judgement, cash found is held as unexplained as no from which it is derived. Thus, wi…