ITAT upheld section 69 Addition for cash found in bank locker

Smt. Bhawna Babbar Vs ACIT (ITAT Delhi) The issue under consideration is whether A.O. and CIT is correct in making an addition u/s 69 for cash found during search in bank locker? The assessee explained that the cash so found in the locker was received as gifts on the occasion of marriage and subsequent ceremonies of her younger daughter. Assessing Officer was not satisfied with the source of opening cash balance  and hence addition has been made. CIT(A) held that the custom prevailing in an Indian Hindu family and also considering the status of the assessee’s family, a part of the cash ...