- (1.) THESE cross-appeals are directed against the order of the Commissioner (Appeals), Jammu, Headquarters at Amritsar, dated 4-5-2000.
(2.) We will take assessee's appeal first, i.e., IT(SS)A No. 8/Asr/2000. Ground Nos. 1 and 2 relate to the addition of Rs. 20,000 made by the assessing officer on account of security deposited in cash with Markfed on 5-6-1996. 3.1 The facts of the case, in brief, are that a search under section 132 of the Income Tax Act, 1961, took place at the business premises and group cases of the assessee on 9-10-1997, during the course of which certain incriminating documents, etc., were found and seized. The assessing officer framed the assessment under section 143(3)/158BC of the Act for block period 1-4-1987 to 9-10-1997, on 25-10-1999. The amount of Rs. 20,000 was added for the assessment year 1997-98, on the basis that the assessee deposited a sum of Rs. 20,000 on 5-6-1996, with Markfed and the same was not recorded in the cash book. According to the assessing officer, the assessee could not furnish any plausible explanation for the deposit of security with Markfed.
(3.) IN the first appeal before the Commissioner (Appeals), it was stated that the amount of Rs. 20,000 was available as cash in hand and, therefore, the addition should have been deleted. However, the learned Commissioner (Appeals) observed that no evidence has been furnished by the assessee regarding the availability of the cash and accordingly the addition of Rs. 20,000 was confirmed.;