Section 69A Addition Deleted: Assessee Not Owner of Unexplained Cash: ITAT Mumbai

Arun Ashar Vs DCIT (ITAT Mumbai) In a significant ruling, Mumbai ITAT in Arun Ashar v. DCIT quashed additions made u/s  69A, holding that assessee could not be deemed the owner of unaccounted cash merely by receiving it on behalf of another. Based on the statement of Ms. Nayna Pasta (assessee’s sister), AO alleged that ₹1 crore received in two tranches was routed via her to Assessee, for eventual use by their brother Mr. Pravin Ashar.  The source of funds was linked to Rajiv Saxena & an offshore entity transaction. Assessee admitted receiving the cash on behalf of his brother, not fo...