ITAT Finds Cash-in-Car Explanation Incredible, Upholds ₹23 Lakh Addition

Nayaka Ramanna Rameshbabu Vs JCIT (ITAT Bangalore) Bengaluru ITAT Upholds ₹23 Lakh Addition: Story of Farmers Leaving Cash in Car Found Incredible The Bengaluru ITAT upheld the addition of ₹23 lakh under section 69A after cash was found in the assessee’s vehicle during the 2018 Karnataka Assembly elections. The assessee contended that the cash belonged to certain farmers to whom he had merely offered a lift and that he had claimed ownership only of ₹84,500 before the criminal court. He argued that section 69A applies only where the assessee is found to be the owner of the money and...