Section 69A Addition Deleted for Cash Found During Search Due to Family Savings

Shri Avinash Singla Vs DCIT (ITAT Chandigarh) In the case of Shri Avinash Singla vs. DCIT, the Income Tax Appellate Tribunal (ITAT) reviewed an appeal concerning an addition of Rs.6 lakh made for unexplained cash found during a search at the assessee’s residential premises. The search, conducted under Section 132(1) of the Income Tax Act, revealed Rs.10.72 lakh in cash. The assessee explained that Rs.4 lakh came from his son’s business, Avinash Agro Pvt. Ltd., and the remaining cash was from family savings and a gift from his brother. The Assessing Officer (AO) accepted part of the explana...