ITAT Upholds ₹80.42 Lakh Cash Addition; 17 Contributors Story Rejected as Improbable

Aabid Ali Khan Vs ACIT (ITAT Delhi)

ITAT Delhi Rejects Story of 17 Contributors—Cash Seizure Addition of ₹80.42 Lakh Upheld as Humanly Improbable

Assessee appealed against the order of CIT(A sustaining an addition of ₹80,42,100 u/s 69A relating to cash seized by the UP Police from two individuals who claimed the money belonged to Assessee. Assessee explained that he had collected ₹80.42 lakh from 17 relatives & friends to jointly purchase a property in Lucknow, & when the deal failed, the money was being transported back to Delhi. Affidavits, bank statements

Please become a Premium member. If you are already a Premium member, login here to access the full content.