Locker Cash Treated as Unexplained Income Despite Business Claims

Advertisement Satya Narain Bari Vs DCIT (ITAT Delhi) The assessee, Satya Narain Bari, filed an appeal before the ITAT Delhi against the CIT(A)’s order for the assessment year 2019-20, arising from proceedings under section 144 of the Income-tax Act, 1961. The appeal concerns the treatment of cash amounting to Rs.27,50,000/- found in the assessee’s locker during a search and seizure operation conducted on 11.12.2018 at Faquir Chand Lockers and Vaults Pvt. Ltd. Locker No. 186 at Khari Baoli, Delhi, contained this cash, which the Assessing Officer (AO) treated as unexplained under section...