Seized Cash Adjustment Against Self-Assessment Tax Requires Re-Verification: Case Restored to AO

Kushal Narayan Patel Vs ITO (ITAT Mumbai) ITAT Mumbai held that in the matter of adjustment of seized cash against self-assessment tax liability restored the matter back to file of AO for re-verification of application filed by the assessee. Accordingly, appeal partly allowed. Facts- During parliamentary/legislative assembly election period, cash of ₹10,83,200/-was found from a vehicle occupied by the assessee by the static surveillance team of the election commission. During the course of assessment proceeding, the assessee accepted the cash seized of ₹10,83,260/- as his undisclosed incom...