Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (1) TMI 51 - ITAT DELHIAddition u/s 69A on account of cash found during the search - CIT(A) was of the opinion that the total Stridhan of the wife of the assessee, as claimed, cannot be accepted and explanation was accepted to the extent of ₹ 1 lakhs on account of Stridhan rest addition sustained - HELD THAT:- The undisputed facts are that during the course of search proceedings itself, the assessee has explained the break-up of cash in the name of his family members. Such break-up is exhibited elsewhere. The undisputed fact is that cash was found from the bedroom of the appellant and, therefore, it can be safely presumed that it was in joint possession of the assessee and his wife Smt. Gomati Devi. The possession of cash as Stridhan by Smt. Gomati Devi cannot be ruled out in the light of the customs prevailing in the society. FAA completely ignored the fact that there were cash withdrawals from the banks on two occasions amounting to ₹ 3 lakhs. Added to this, Stridhan of Smt. Gomati Devi at ₹ 4,28,391/- would suffice to explain the cash of ₹ 4,71,000/- Considering the afore-stated facts in totality, we do not find any merit in the additions made by the AO. We, accordingly, direct the Assessing Officer to delete the impugned additions - Decided in favour of assessee.
|