During search action conducted at premises of assessee, cash of certain amount was found and seized. Assessing Officer treated said cash amount as un-explained money within meaning of section 69A, and accordingly, added same to income of assessee. CIT (A) affirmed the order of the Assessing Officer. On appeal the Tribunal held that on fact, assessee had been able to demonstrate source of amount seized and accordingly, addition under section 69A is deleted. (AY. 2019-20)
Hemant Samarataji Lohar. v. ACIT (2024) 207 ITD 312 (Mum) (Trib.)
S. 69A : Unexplained money-Search-Accumulated cash amount-Recorded in the books of account-Addition is deleted. [S. 132]
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