Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 910 - AT - Income TaxUnexplained cash u/s. 69A - search and seizure and survey operations u/s. 132/132A conducted - HELD THAT:- It is true that the assessee is a Senior Citizen of 75 years of age. Therefore, it can be easily accepted that he must be keeping cash at home for medical emergencies. But at the same time, non-explanation of the source cannot be brushed aside lightly. We find that search party had seized only ₹ 2 lakhs which means that the search party itself must have accepted the source for ₹ 54,200/-. In light of these facts, we direct the Assessing Officer to restrict the disallowance to ₹ 2 lakhs only. The assessee shall get part relief.
|