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2023 (10) TMI 694 - ITAT DELHICash found during search from the residential premises of the appellant - unexplained money u/s 69A - rejecting the explanation that the said amount of cash belonged to family members of the assessee and of the company Easy Trip Planners Pvt. Ltd., of which the assessee is a director and some cash collected from agents and clients for the company - HELD THAT:- The details of cash in hand as on 10.08.2017 as per the books of accounts of the company and cash in hand as per the statement of affairs filed by the family members. Hence, the argument of the ld. CIT(A) that if at all the cash is kept at residence, then the same must be kept separately and not mixed with cash of the family members cannot be accepted. Estimation of expenses is also without any basis. Hence the argument put forth by the CIT(A) that cash do not belong to the company and some expenses must have been incurred is not tenable and hence rejected. Owing to the availability of the cash in the accepted books of accounts of the company as well as accepted statement affairs filed by the family members, we hold that no further addition is required on account of cash found at the premises. Appeal of the assessee allowed.
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