No addition for duly explained Past Savings Kept in Locker

Shri Dinesh Goswami Vs DCIT (ITAT Indore)

When Source of Income Fully Explained Past Savings Kept in Locker is Justifiable in Law

FACTS –

Search was carried out on 30.11.2012 on the premises of assessee. Notice u/s 153A was issued to assessee to file return for AY 2007-08 to AY 2012-13. During the search cash of INR 9,25,000 was found in locker and AO asked assessee to explain the source of the amount found in the locker.

Assessee submitted that the said cash is savings of his and his wife which was saved for his daughter’s marriage.

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