Cash Availability with Different Companies Sufficient to Explain Cash Found during Search

DCIT Vs Creamy Foods Ltd (ITAT Delhi) Introduction: The Income Tax Appellate Tribunal (ITAT) Delhi has addressed the issue of unexplained cash found during a search operation in the case of DCIT vs. Creamy Foods Ltd. This article provides insights into the tribunal’s decision and the explanation offered by the assessee. Search Operation Details: During a search and seizure operation in November 2017, cash amounting to INR 2,65,31,500 was found at various premises, out of which INR 2,09,99,150 was seized. Assessment by Assessing Officer: The Assessing Officer treated the entire cash amoun...