₹33 Lakh Cash Seized Accepted as Business Income – Section 115BBE Addition Deleted

Sunil Kumar Jain Vs ACIT (ITAT Hyderabad) ₹33 Lakh Cash Seized Accepted as Business Income – Section 115BBE Addition Deleted-Cash Seized Already Declared in ROI – Tribunal Rejects 60% Tax Levy-ITAT Hyderabad Background Assessee, engaged in electronic spare parts business, filed ROI declaring ₹54.37 lakh, which included cash seized. On 26.08.2020, during search proceedings, Department intercepted assessee carrying ₹33 lakh cash on a scooter. In sworn statement u/s 131(1A), assessee admitted cash belonged to him, sourced from business & rental income. AO rejected explanation, held...