Cash found during search from the residential premises of the ...

Income Tax

October 17, 2023

Cash found during search from the residential premises of the appellant - 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, no further addition is required - AT

View Source

← Previous Next →

Cash found during search from the residential premises of the ...

Income Tax

October 17, 2023

You may also like:

Unexplained cash payments - There is also no evidence to suggest that cash withdrawn from ETLL was unused and kept with the assessee idle though repeatedly withdrawals...

Addition of unaccounted money u/s 69A - cash found during the course of search u/s 132 - the assessee all along claims that said cash belongs to his brother in law who...

Search warrant u/s 132 - Retention of cash seized in search - A return of income would be filed by the petitioner for the annual year 2019-20 only after 31st March, 2020....

Addition u/s 68 - large cash withdrawal by the assessee immediately before the search and seizure operation - during search and seizure operation, the cash amount was...

Addition on account of cash found during the search - submission that cash belonged to other company - confirmation furnished after more than two years of search - even...

Penalty u/s 271AAB(1) - disallowance u/s 14A - search and seizure - the disallowance of expenditure u/s 14A doesn’t represent any income of the specified previous year...

Validity of Assessment u/s 153A - The information obtained from outside agencies which was confronted with the assessee during the search cannot be considered as...

Owner of Cash found and seized in course of search - Undisclosed income - presumption u/s 292C - if money is found in possession of any person in course of search u/s...

Penalty u/s 271AAB - no incriminating evidence, papers/documents/stock/cash were found during the search operation other than the statement of the assessee - additional...

Income from other sources or Business income - Search u/s 132(4) - cash was found from the residential and business premises of the assessee - held as business income - AT

Validity of the assessment u/s 153A - addition on the basis of post search inquiry - No addition based on any incriminating material found during the course of search -...

Additions made on the basis of papers found in the course of search - additions made on the basis of papers found in the course of search without bringing any...

Addition for the lesser cash in hand found as compared with the books of account - applicability of section 68 or 69A - it was not a case where money is not recorded in...

Quantum of the household expenses - the assessee has not furnished any information qua to the household expenses. Thus there remains no alternate except to estimate the...

Addition being 40% of cash balance shown in the balance sheet as income of the assessee - A.O without any basis, simply says that the cash in hand is excessive and...

Quick Updates: