ITAT deletes addition for cash seized which was duly explained by Assessee

Om Prakash Karnani Vs. ACIT (ITAT Jaipur) Undisputedly, the cash amounting to Rs. 5,34,000/- seized from the possession of Sh. Nand Lal Joshi and Sh. Nand Lal Pandya belongs to the assessee. The limited question therefore is source of such cash found and seized from the possession of these two persons which belongs to the assessee. The assessee has submitted that the same represents business receipts and withdrawal of cash from its books of accounts and in support, the assessee furnished copy of his cash book and other details. However, the same was not found acceptable to the Assessing Office...