A search was carried out at premises of assessee during which cash was found from his residence.\u00a0 Assessing Officer made addition under section 69A in respect of\u00a0 cash\u00a0 withdrawn as unexplained money. CIT(A) (Appeals) did not accept explanation of cash claimed to be out of amount withdrawn by assessee from company for reason that no explanation was given as to why cash was withdrawn when entire household expenses were incurred by assessee’s father. On appeal the Tribunal held that\u00a0\u00a0 no document was found in search to come to a conclusion that amount withdrawn by assessee from company had been utilized elsewhere. Merely because the\u00a0 assessee had not given explanation as to why cash was withdrawn, it could not be a ground to hold that same was unexplained money of assessee. Addition is deleted. Held that\u00a0 Jewellery\u00a0 and silver articles\u00a0 which was found at residence and bank locker\u00a0 belong to\u00a0 joint family and\u00a0 have to be considered\u00a0 as belonging to family as a whole.\u00a0 Addition is deleted\u00a0 (AY. 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69A : Unexplained money-Search-Cash withdrawal-No explanation for reason for withdrawal-Addition cannot be made-Jewellery-Silver articles-Residence and bank locker-Joint family-Explanation have to be considered as belonging to family as a whole-Addition is deleted. [S. 132] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-55377","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-epb","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=55377"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55377\/revisions"}],"predecessor-version":[{"id":55378,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55377\/revisions\/55378"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=55377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=55377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=55377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}