Cash Found in Search Taxable in Company’s Hands, Not Director’s: ITAT Mumbai

Advertisement Surajpal Singh Rathod Vs DCIT (ITAT Mumbai) Cash Found During Search Belonging to Company Cannot Be Taxed in Director’s Hands: ITAT Mumbai Deletes Section 69A Addition The Mumbai Bench of the ITAT allowed the assessee’s appeal for AY 2021-22 and deleted the addition of ₹3.50 lakh made under section 69A as unexplained money in the hands of an individual director. The addition arose from a search under section 132 conducted on the Rubberwala Group, during which a courier was intercepted at the business premises of RD Telinet Pvt. Ltd., carrying cash of ₹3.50 lakh alleged...