Case Law Details
Nishant Pitti Vs DCIT (ITAT Delhi)
ITAT Delhi held that addition u/s. 69A of the Income Tax Act unsustainable as cash found during search involves cash belonging to the family members and cash belonging to company.
Facts- A search and seizure action u/s. 132 of the Income Tax Act 1961 was carried out in Easy Trip Planners Pvt. Ltd . (ETPPL) group of cases. During search at the residence of the assessee cash of Rs. 48,66,000/- was found and out of the same Rs. 46,00,000/- was seized.
AO observed that considering the family of the assessee consisting of 8 adult members some cash being held by each family member considering their income level and status cannot be ruled out and accordingly allowed Rs.60,000 cash in hand of each family member which came to Rs. 4,80,000/- (60,000 X 8) and balance amount of Rs. 43,86,000/- was disallowed by treating the same as unexplained money under section 69A of the Income Tax Act.
CIT(A) restricted the addition to Rs. 18,95,859/- and deleted amount of Rs. 24,90,141/-. Being aggrieved, assessee has preferred the present appeal.
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