2025 (6) TMI 485 - AT - Income Tax

Addition u/s. 69A r.w.s 115BBE on account of unexplained money - Cash found in locker - HELD THAT - A perusal of the impugned order reveals that the consistent stand of the assessee with respect to seizure of cash from Locker is that the said cash represents cash in hand available in the books of M/s. Shree Balaji Trading Company. The explanation furnished by the assessee is rejected by the CIT(A) as well. No contrary material is available before us to reject the findings of lower authorities. Hence we find no merit in the appeal of assessee the same is dismissed being devoid of any merit. Appeal of the assessee is dismissed.

Summary

The Appellate Tribunal (ITAT Delhi) dismissed the assessee's appeal against the CIT(A)'s order for AY 2019-20 concerning unexplained cash of Rs. 18,50,000/- seized from Locker No. 245 during a search under section 132 of the Income Tax Act, 1961. The assessee claimed the cash represented "cash in hand available in the books of M/s. Shree Balaji Trading Company," supported by cash book records. However, both the Assessing Officer and CIT(A) rejected this explanation and made additions under section 69A read with section 115BBE on account of unexplained money. Despite multiple hearing notices, the assessee did not appear, indicating a lack of interest in pursuing the appeal. The Tribunal found "no merit in the appeal" and upheld the lower authorities' findings, dismissing the appeal.