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xi. Decision of Hon'ble ITAT, Bangalore Bench in the case of Additional ITO vs. T. Mudduveerappa Sons (1993) [(45 ITD 12) (Bang.)].

xii. Decision of Hon'ble ITAT, Calcutta Bench in the case of T. S. Venkatesan vs. ACIT (2000) [(74 ITD 298) (Cal.)].

39. The assessee further contended that since the assessee company has not been 'found to be the owner of any cash' or 'money', during the financial year relevant to assessment year(s) under consideration. As a matter of fact, despite search & seizure and seizure operations, no unexplained cash was found. It is clear that onus is on the AO to give a finding that the assessee is the owner of any money, bullion, jeweler, valuable article not recorded in books of accounts. Certain figures scribbled on loose that alone do not fall under purview of language of the said section. It is also not clear to which concern the scribblings pertain. Besides, there is no material or incriminating material unearthed during search & seizure to hold that cash was being generated out of books. No material has been found or no enquiries have been conducted to corroborate such bald conclusions made by AO. The addition is based on mere conjectures and surmises. Therefore, once no money or cash has been found in the possession of the assessee, no addition is permissible u/s 69A of the Act. Therefore, according to assessee, the addition being not legally tenable is liable to be deleted.

e) On perusal of the seized paper, it can be observed that the said page has been cancelled by scribbling across it which further strengthens the contention of the assessee company that it was a proposed transaction which did not materialize.

50. The assessee placed reliance on the recent decision of Hon'ble Income Tax Appellate Tribunal, Mumbai Bench, in the matter of Kemox Corporation vs DCIT-CC-3, Thane, ITA No: 2019/Mum/2025, dated 06.03.2025, which has after relying on the decision of the Hon'ble Andhra Pradesh High Court in the case of Dexan Pharmaceuticals Private Limited, Decision of Coordinate Bench of Income Tax Appellate Tribunal, Mumbai Bench in the case Ravi B Jaising vs ACIT in ITA No 4592/Mum/2017 and the Hon'ble Delhi High Court in the case of CIT vs Ram Niwas [2008] 170 taxman 5 (Delhi), has held that the instrument under consideration is not a Hundi as it is English language and bilateral and not tripartite.