Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (7) TMI 976 - ITAT JAIPURUndisclosed income (seized from the assessee) - No source of cash explained as seized - HELD THAT:- In the appeal before the ld. CIT(A), addition was confirmed observing that the aforesaid amount was released in favour of assessee and the same was deposited by the assessee in his bank account. But as argued that the ld. CIT(A) has not appreciated that the fact that the said some is repaid back by RTGS. It is not disputed by the revenue before us that pursuant to the seizure of this cash, case of Shri Ram Karan Kulhari and case of Shri Babulal Jat for an amouns respectively added. The bench also noted that the amount seized from the party are paid to the owner of the money so seized and since the fact that the said some has already been taxed in the hands of Shri Baulal Jat and Shri Ram Karan Kulhari we see no reason to confirm the said addition and therefore, the addition made by the ld. AO is vacated in the hands of the assessee.Decided in favour of assessee.
|