Addition u/s 69A sustainable in absence of adequate evidence

Dr. (Late) S.F.V. Selvaraj Vs DCIT (ITAT Chennai) Held that as the assessee was not able to furnish any evidence to the fact that the seized cash represent accounted income and also assessee has accepted that no proper cash books was maintained. Accordingly, addition u/s 69A sustained and also penalty leviable u/s 271AAA. Facts- The assessee is challenging the confirmation of quantum of addition of unexplained cash, found and seized during the search operations, u/s 69A and confirmation of penalty levied u/s 271AAA of the Income Tax Act. Conclusion- Held that the assessee was not able to furni...