Addition u/s. 69A unsustainable as cash found during search duly explained

Nishant Pitti Vs DCIT (ITAT Delhi) ITAT Delhi held that addition u/s. 69A of the Income Tax Act unsustainable as cash found during search involves cash belonging to the family members and cash belonging to company. Facts- A search and seizure action u/s. 132 of the Income Tax Act 1961 was carried out in Easy Trip Planners Pvt. Ltd . (ETPPL) group of cases. During search at the residence of the assessee cash of Rs. 48,66,000/- was found and out of the same Rs. 46,00,000/- was seized. AO observed that considering the family of the assessee consisting of 8 adult members some cash being held by ea...