Section 69A Addition Upheld Because Assessee Failed to Explain Source of ₹7.5 Cr Cash: ITAT Delhi

Advertisement ACIT Vs Shiv Shakti Traders (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) allowed the Revenue’s appeal and restored an addition of ₹7.50 crore under Section 69A of the Income Tax Act, 1961 after holding that the assessee failed to satisfactorily explain the source and movement of the seized cash. The case arose after local police authorities intercepted a Toyota Innova car on 6 May 2017 at Daliganj crossing, Lucknow, and recovered ₹7.50 crore in new currency notes kept in four boxes. The cash was found in possession of a cash courier boy associ...