Unexplained cash payments - There is also no evidence to suggest ...

Court Upholds Taxation of Unexplained Cash Found During Search; Assessee Fails to Rebut Presumption u/s 292C.

April 4, 2022

Case Laws Income Tax AT

Unexplained cash payments - There is also no evidence to suggest that cash withdrawn from ETLL was unused and kept with the assessee idle though repeatedly withdrawals were made one after the other. As per the provisions of section 292C, presumption is that cash found during the course of search belongs to assessee and burden is on the assessee to prove otherwise. Being so, we do not find any infirmity in the lower authorities bringing the cash found during the search to tax in the hands of assessee as unexplained cash. - AT

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Unexplained cash payments - There is also no evidence to suggest ...

Court Upholds Taxation of Unexplained Cash Found During Search; Assessee Fails to Rebut Presumption u/s 292C.

April 4, 2022

Case Laws Income Tax AT

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