DCIT Vs Inderpal Singh (ITAT Chandigarh)
ITAT Chandigarh held that amount in locker being cash received on sale of flat which is already assessed to capital gain. Accordingly, addition under section 69 of the Income Tax Act towards unexplained cash rightly deleted by CIT(A). Thus, appeal of revenue dismissed.
Facts- There was search and seizure operations on the assessee on 28.11.2018 and during the course of search and seizure operations, in Locker No. 41 & 42, belonging to Sh. Inderal Singh and his wife, cash amounting to Rs. 1,00,12,500/- was found. The statement of Sh. Inderal Singh was recorded on oath on 28.12.2018. The said amount was added under section 69 of the Income Tax Act as unexplained cash.
CIT(A) deleted the addition. Being aggrieved, revenue has preferred the present appeal.
Conclusion- The Locker of father and two sons with their wives were in one bank. We have also considered the fact that the flat was in the name of Smt. Moninder Kaur at Delhi, which was sold for Rs.3 crores and the possession was handed over on 01.01.2018 as per agreement seized, the cash of Rs. 1.68 crores was received on 01.10.2018.Thereafter, Smt. Moninder Kaur handed over the cash to Smt. Raminder Kaur W/o of the assessee, who kept the part amount in locker on 29.10.2018. As it is seen that the department has accepted the cash having been received by Smt. Moninder Kaur out of sale of flat in her name during assessment proceedings, on which, the substantial amount of capital gain tax has been charged and the same cash was found during the course of search concluded on 28.11.2018.
