Cash admitted in search but not recorded in books is undisclosed income: ITAT Bangalore

Haresh Kumar Mehta Vs ACIT (ITAT Bangalore) A search & seizure action was carried out in the case of one a third party & simultaneously on the same date a survey was also carried out at the business premises of the assessee. During the course of search, unaccounted cash was found from the premises of the searched person. Out of the said cash, an amount of Rs.36 lakhs was belonging to the assessee. In the Section 132(4) statement the assessee admitted ownership of the cash. However, he failed to explain any bank withdrawals or accounting entries to substantiate the source of the money...