Section 69A Addition on Seized Cash Notings Quashed: Tea Estate Receipts Not Taxable in Director’s Hands

DCIT Vs Dilip Kumar Ghosh (ITAT Kolkata) Section 69A Addition on Seized Cash Notings Quashed: Agricultural Receipts of Tea Estate Cannot Be Taxed in Director’s Hands The Kolkata Bench of the ITAT dismissed the Revenue’s appeal and upheld the deletion of an addition of ₹1.48 crore made under Section 69A read with Section 115BBE in the hands of an individual director. The addition was based on seized documents containing cash receipt and payment notings found during a search, which the Assessing Officer treated as unexplained money of the assessee. The Tribunal noted that the seized papers...